Hong Kong financial KOL Huo Liao Sen (real name Yuan Binghui) has accused his estranged wife Li Huanrong of installing a hidden camera in their Brighton mansion to record his cold wallet PIN and seed phrase, then transferring 2,323 Bitcoin worth approximately $160 million. The case has reached the UK High Court, where the presiding judge described the plaintiff's evidence as 'devastating' and said the chance of victory is extremely high.
Hidden camera targeted cold wallet: 24-word seed phrase recorded
In early 2023, Huo and Li were in the process of separation. According to court documents, the couple's eldest daughter privately told Huo that her mother might be eyeing his Bitcoin holdings. Huo then installed audio recording devices at home, capturing conversations between Li and her sister, including 'Bitcoin has been transferred to me, but will anyone find out you took it?' and 'It's fine, take it all.' They also discussed money laundering risks and using a second wallet.
Huo stated in his testimony that Li secretly placed a hidden camera to film him operating his Trezor cold wallet, capturing the 6-digit PIN and the 24-word seed phrase. With the seed phrase, anyone could restore the wallet on another device and move the funds. The 2,323 BTC were subsequently transferred in batches to 71 addresses and have remained untouched. When Huo confronted Li, he was himself arrested on charges of actual bodily harm and common assault. Later in December 2023, Li was arrested by UK police and released on bail. Police searches turned up 10 cold wallets, 5 sets of seed phrases, and luxury watches, some of which were identified as Huo's property. At the time, police said there was no new evidence and did not pursue the matter further.
Judge grants global freezing order as case proceeds
As of March 2026, the civil lawsuit has been formally transferred to the UK High Court. Presiding Judge Cotter, after reviewing transcripts of the recordings, described the plaintiff's evidence as 'devastating' and indicated a very high likelihood of success. Given the extreme volatility of cryptocurrency prices, the judge approved a global freezing order to ensure the preservation of asset values pending trial. Defendant Li Huanrong has filed an affidavit denying any knowledge of the asset transfer, but the court ruled that the civil proceedings may continue.
From 'Teenage Stock God' to controversy
Huo graduated from Hong Kong Polytechnic University's accounting program in 2003. He gained fame as a 'Teenage Stock God' for his accurate market predictions around the 2007-2008 financial crisis (bearish on property, bullish on gold and yen). Through publishing investment books, hosting financial shows, and personal stock trading, he accumulated initial wealth and later invested in Bitcoin. In his court testimony, Huo claimed he began buying Bitcoin between 2010 and 2013 when prices ranged from a few dollars to a few hundred dollars, and held the 2,323 BTC ever since.
However, Huo's career has also been tainted by controversy. In 2017-2018, he heavily promoted a cryptocurrency called HE15 and 'cloud mining machines' costing HK$20,000 to HK$30,000 each. By mid-2018, the HE15 token price crashed and withdrawal channels were blocked, with investors finding their assets worthless. In early 2019, over 100 victims filed complaints with police, reporting total losses exceeding HK$20 million. Hong Kong's Commercial Crime Bureau arrested several related individuals. Huo moved to the UK shortly after the incident.