A high-stakes legal battle is underway in the UK over a disputed fortune in Bitcoin. Ping Fai Yuen, a resident of the country, alleges that his estranged wife, Fun Yung Li, gained unauthorized access to his cryptocurrency holdings and transferred $172 million worth of Bitcoin.
According to court documents, Fun allegedly used secret recordings to obtain the seed phrase for Ping's Trezor hardware wallet, which stores 2,323 Bitcoins. The funds were then transferred to 71 different addresses in August 2023, with no further movements detected after December 21, 2023.
Ping claims he installed audio equipment in his home after being warned by his daughter that Fun might try to take control of his crypto assets. The recordings allegedly capture conversations between Fun and her sister, Lai Yung Li, discussing how to obtain the seed phrase through CCTV monitoring.
The case has raised concerns about the security of cryptocurrency holdings and the potential for family members to exploit vulnerabilities in digital assets. With an injunction pending, the High Court will now determine whether Ping can reclaim the Bitcoin or its equivalent value, potentially setting a precedent for future crypto-related asset claims.