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A UK resident is seeking the return of more than 2,300 Bitcoin allegedly taken from a Trezor wallet after a recovery phrase was secretly recorded inside a familyA UK resident is seeking the return of more than 2,300 Bitcoin allegedly taken from a Trezor wallet after a recovery phrase was secretly recorded inside a family

UK Man Accuses Wife of US$172M Bitcoin Heist After Alleged Seed Phrase Theft

Author: Cryptonews AU

Source: Cryptonews AU

2026/03/17 12:56

3 min read

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A UK man has filed a High Court claim accusing his estranged wife of taking 2,323 Bitcoin after allegedly obtaining the recovery phrase to his hardware wallet.
The Bitcoin, now worth about US$172 million (AU$242.52 million), was moved across 71 addresses in August 2023 and has remained untouched since December that year.
Police investigated the allegation and seized several crypto devices, but said no further action would be taken without new evidence.

A UK resident has accused his estranged wife of stealing 2,323 Bitcoin from his hardware wallet in a case now proceeding through the High Court of Justice. The cryptocurrency is valued at about US$172 million (AU$242.52 million) at today’s prices.

According to court filings, Ping Fai Yuen held the Bitcoin in a Trezor hardware wallet in 2023, secured with a PIN and a 24-word recovery phrase capable of restoring access to the wallet.

Yuen alleges that his wife, Fun Yung Li, secretly used surveillance equipment in their home to obtain the recovery phrase and access the wallet without his consent. The filings state that the Bitcoin was transferred from the wallet on 2 August 2023 before being moved through several transactions and distributed across 71 different blockchain addresses. Court documents indicate the funds have not been moved since 21 December 2023 and are not held on exchange platforms.

Related: Bank of England Signals Flexibility on Stablecoin Caps After Industry Pushback

Audio Recordings Raised in Court

Yuen installed audio recording equipment in the home after his daughter warned him that Li was attempting to obtain the Bitcoin. Recordings cited in the court documents allegedly capture Li discussing surveillance cameras in the house and referring to the Bitcoin transfer.

After discovering the funds had been moved, Yuen confronted his wife and assaulted her, later pleading guilty in 2024 to assault occasioning actual bodily harm and two counts of common assault.

Police arrested Li in December 2023 and seized multiple cold wallets and recovery seeds during a search of her home, though she was later released and authorities said no further action would be taken without new evidence.

Yuen is now seeking the return of the Bitcoin or its equivalent value, along with court orders freezing the defendant’s crypto assets.

Related: Judge Dismisses Terrorism Lawsuit Against Binance Over Lack of Direct Link to Attacks

The post UK Man Accuses Wife of US$172M Bitcoin Heist After Alleged Seed Phrase Theft appeared first on Crypto News Australia.

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