UK Court Hears Allegations of $176M Bitcoin Theft Using CCTV to Steal Seed Phrase

A man allegedly had 2,323 Bitcoin stolen by his own wife. That is over $176 million gone in crypto theft.

She reportedly used a security camera to record him entering his seed phrase. That is it. The most fundamental piece of Bitcoin security, a string of words written on paper, was the only thing standing between him and a $176 million loss.

A UK High Court is now hearing the case.

$172M BITCOIN THEFT CASE HITS UK HIGH COURT

A U.K. court allowed a lawsuit over the alleged theft of 2,323 $BTC ($172M) to proceed after Ping Fai Yuen accused his estranged wife Fun Yung Li of using home CCTV to capture his wallet recovery phrase and transfer the funds… pic.twitter.com/2HHAJJQgeS

— Info Room (@InfoR00M) March 16, 2026

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How the Alleged Attack Worked: CCTV, a Staged Visit, and 12 Words

A seed phrase is the master key to everything in a crypto wallet. 12 to 24 words. Anyone who has them can drain the entire wallet from anywhere in the world.

According to court documents, Fun Yung Li and her sister visited Ping’s home on October 15, 2023. During that visit they allegedly used a concealed camera to film him entering his seed phrase and access codes into his Trezor hardware wallet.

Ping’s daughter tipped him off weeks later, having overheard discussions about the plot. He installed hidden audio recording equipment and claims to have captured Fun discussing the theft and how to move large sums without triggering bank or law enforcement scrutiny.

A man's wife used their security cameras to steal his seed phrase and move MILLIONS out of his wallet

Ping Fai Yuen kept his Bitcoin on a Trezor, just like half of crypto Twitter

His wife set up CCTV cameras inside their own home and sat there watching him type in his recovery… pic.twitter.com/5MKstR4Ohq

— Sweep (@0xSweep) March 17, 2026

On December 21, 2023, Chainalysis confirmed the funds were split across 17 separate wallets. Nothing has moved since.

Here is the number that puts it all in perspective. The 2,323 BTC were worth around $4.3 million at the time of the alleged theft. By early 2025 the same coins were worth over $176 million. The alleged crime became exponentially more consequential simply because Bitcoin kept rising.

Police arrested Fun Yung Li, confiscated cold wallets and watches, then released her on bail. They later said no further action would be taken pending new evidence. That pushed Ping to civil court.

In November 2024 he applied for an asset preservation injunction to freeze the crypto and declare his ownership. Justice Cotter found a high probability of success and recommended an expedited trial. It is now scheduled for June 2026.

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