A 44-year-old businessman, Ping Fai Yuen, has filed a suit against his wife and sister-in-law over the alleged theft of Bitcoin valued at between £160 million and £180 million.
The matter is before the High Court of Justice, where Yuen is seeking the return of 2,323 Bitcoin or its equivalent value, alongside a freezing order on the defendants’ assets.
Yuen alleged that his wife, Fun Yung Li, installed hidden surveillance cameras in their home in Brighton to obtain confidential security details linked to his cryptocurrency holdings.
According to court documents, the Bitcoin was stored in a cold wallet — an offline digital storage device secured with a six-digit PIN — and accessed using a recovery seed phrase.
The claimant told the court he became suspicious in July 2023 after his eldest daughter raised concerns about unusual activities. He subsequently installed audio recording devices in the home, which he said captured conversations suggesting his wife had gained access to the cryptocurrency.
Yuen further alleged that the funds were transferred to multiple blockchain accounts, with possible assistance from his sister-in-law, Lai Yung Li.
The dispute escalated in August 2023 when Yuen confronted his wife, leading to his arrest. He later pleaded guilty to charges including actual bodily harm and common assault.
The alleged theft was reported to police, and Li was arrested in December 2023. However, authorities later indicated that no further action would be taken pending new evidence.
During proceedings, presiding judge, Mr Justice Cotter, observed that the claimant had demonstrated a “very high probability of success,” citing the strength of the evidence, including recorded conversations and materials recovered during a property search.
In her defence, Li, who resides in Hong Kong, denied knowledge of the alleged transfers in an affidavit submitted to the court.
The case continues.
