CZ Speaks on Bitcoin’s Darkest Self-Custody Nightmare: $172M Vanishes in a Marriage Turned Spy War

UK businessman Ping Fai Yuen claims his estranged wife used home CCTV cameras to capture his Trezor recovery phrase and drain 2,323 Bitcoin (BTC), now worth roughly $172 million.

The case, filed as Ping Fai Yuen v Fun Yung Li & Anor [2026] EWHC 532 (KB), reached the High Court of England and Wales on March 10, 2026.

How a Marriage Became a Surveillance Operation

Yuen stored his BTC in a Trezor hardware wallet protected by a PIN and 24-word seed phrase. His wife, Fun Yung Li, allegedly installed covert CCTV cameras in their Brighton home and recorded him entering the phrase.

On August 2, 2023, the full stack moved to 71 separate addresses. No transactions have occurred since December 21, 2023.

Yuen’s daughter warned him in July 2023 that his wife was targeting the funds. He then installed hidden audio recorders. Those recordings allegedly captured Li discussing the transfer and how to move large sums without triggering banks.

Police arrested Li in December 2023 and seized 10 cold wallets and 5 recovery seeds from her residence. Yuen later pleaded guilty to assault charges in 2024 after confronting her.

Legal Precedent and CZ’s Reaction

Mr Justice Cotter struck down claims of conversion, ruling BTC is not physical property under English law. However, the case proceeds on unjust enrichment, breach of trust, and constructive trust.

The judge assessed a “very high probability of success” for the claimant.

Binance co-founder Changpeng Zhao (CZ) responded on X (Twitter), likely suggesting the irony of self-custody’s core promise of personal control failing spectacularly to domestic betrayal.

Li denies all allegations and now resides in Hong Kong. The full trial is pending, with injunctions in place to prevent movement of the coins.