High Court Case Involving Bitcoin Theft
In a striking case unfolding within the High Court of Justice in the UK, a significant allegation has emerged involving a staggering theft of Bitcoin, reportedly amounting to $172 million. The claim was put forth by Ping Fai Yuen, who contends that his spouse, Fun Yung Li, unlawfully transferred over 2,300 Bitcoin from his secure Trezor hardware wallet without his consent.
Details of the Allegation
This incident dates back to August 2, 2023, when Ping discovered that a total of 2,323 Bitcoin was extracted from his wallet and subsequently laundered through 71 different addresses within the cryptocurrency ecosystem. Notably, no transactions have occurred since December 21, 2023.
Ping had taken precautionary measures after receiving a warning from his daughter in July, suspecting Fun’s intentions towards his Bitcoin holdings. He installed audio recording devices throughout his home, which led to evidence that he alleges implicates Fun in the theft. Court documents reveal that a recording from July 29 captures Fun discussing surveillance measures in the home and potentially accessing the wallet password.
Evidence and Confrontation
The recordings reportedly include incriminating statements, such as discussing the transfer and claiming ownership of the Bitcoin.
Following the unauthorized transactions, Ping confronted his wife, which escalated into a physical altercation requiring police intervention. Subsequently, he was arrested and later pleaded guilty to assault-related charges.
Legal Proceedings
Ping reported the alleged theft to law enforcement, resulting in Fun’s arrest in 2023, though she was soon released after an interview where she declined to provide comments. The police have since indicated they would not pursue further action unless new evidence is presented.
In an effort to reclaim his assets, Ping filed for a “proprietary asset preservation injunction” in November 2025, requesting the court to confirm his ownership of the Bitcoin, freeze Fun’s cryptocurrency assets, and return either the stolen Bitcoin or its equivalent in British pounds.
Court’s Response
Following their March 2 court hearing, Justice Cotter conveyed a favorable outlook on Ping’s claim, suggesting he had a credible chance of success based on the evidence presented, including the recordings and the discovery of relevant equipment during the search of Fun’s property.
Justice Cotter emphasized the need for an expedited trial due to the fluctuating nature of Bitcoin’s value, referencing the antique adage known as Occam’s razor, which proposes that the simplest explanation of an event is often the most accurate.
Implications of the Case
As developments continue, this high-stakes case raises important questions regarding the legal handling of cryptocurrency theft and the implications for marital disputes in the digital age.
