BRIGHTON: A businessman has filed a lawsuit against his estranged wife and her sister, accusing them of secretly stealing cryptocurrency worth up to £180 million by spying on his passwords through hidden cameras installed inside their home.
The case, currently before the High Court, involves Ping Fai Yuen, 44, who claims his wife, Fun Yung Li, orchestrated a sophisticated scheme to access and transfer thousands of bitcoins while their marriage was breaking down.
According to court filings, Yuen alleges that Li installed a covert CCTV surveillance system inside their family residence in an affluent neighbourhood in Brighton, England.
The system allegedly recorded him accessing sensitive information, including the security passwords required to unlock his cryptocurrency holdings.
The dispute centres on 2,323 Bitcoin, which investigators say could be worth between £160 million and £180 million based on market value.
Court documents reveal that the digital assets were stored on a cold wallet, a form of offline cryptocurrency storage designed to enhance security.
The device was protected by a six-digit PIN code and linked to a recovery phrase known only to the owner.
Yuen claims the alleged scheme came to light in July 2023 when his eldest daughter expressed suspicions that her mother might be attempting to access the cryptocurrency holdings.
Following the warning, the businessman reportedly installed audio recording equipment inside the home in an effort to monitor conversations.
According to Yuen, the recordings captured discussions in which his wife allegedly talked about the hidden surveillance cameras and the transfer of the bitcoin.
One transcript reportedly includes a conversation in which Li said: The bitcoin has transferred to me, but can it be seen that you have taken it?
The businessman also claims the recordings captured discussions about the risk of police involvement and possible money laundering investigations due to the enormous sums involved.
Court filings further allege that the cryptocurrency was subsequently moved across 71 different blockchain accounts, allegedly with the assistance of Li’s sister, Lai Yung Li.
The legal dispute escalated in August 2023 when Yuen confronted his wife about the alleged theft.
The confrontation resulted in his arrest, after which he pleaded guilty to actual bodily harm and two counts of common assault.
Later that year, Yuen reported the alleged theft of the bitcoin to authorities, leading to the arrest of his wife in December 2023.
During a search of the couple’s residence, investigators reportedly recovered ten cold wallets, five recovery seed phrases and several luxury watches.
Despite the findings, police later confirmed that no further criminal action would be taken at the time unless new evidence emerges.
Li, who was born in China and currently resides in Hong Kong, has denied knowledge of the alleged transfers.
In a sworn affidavit submitted to the court, she stated that she was unaware of any information required to respond to the allegations concerning the cryptocurrency movement.
However, the presiding judge, Mr Justice Cotter, indicated that Yuen appears to have a strong case.
According to the judge, the evidence presented so far suggests a high likelihood that the businessman may succeed in his claim.
The evidence indicates he was warned about what his wife intended to do. The transcripts are highly damaging, and when her property was searched, the necessary equipment used to move the bitcoin was discovered, the judge said.
He also noted that Li had been given multiple opportunities to present her side of the story but had declined to do so.
Yuen is now seeking a court order for the return of the 2,323 Bitcoin or payment of its equivalent value.
He has also requested a freezing order on any cryptocurrency assets believed to be held by his wife and her sister as the legal proceedings continue.
The case highlights the growing complexities surrounding cryptocurrency ownership and security, particularly in high-value domestic disputes involving digital assets.
