Devastating! Former "Teenage Stock God" Loses 160 Million $BTC as Insider Steals Seed Phrase Through Hidden Camera - What's More Terrifying Than Hackers is Human Nature

If this case were made into a movie, its dramatic elements would be enough to become an annual family suspense blockbuster. The protagonist is not an ordinary person but Yuan Binghui, a once-famous Hong Kong financial opinion leader, better known by his online alias Fire Forest, who was once dubbed the “Young Stock God.”

His wealth story began in the stock market and with $BTC. His radio program “Spark Ignites the Prairie” was once popular in Hong Kong, and his book “I Borrowed My First Ten Million from Buffett” was a bestseller. However, a recent divorce case in the UK High Court revealed a far more sensational drama than any script.

The core of the case involves Fire Forest accusing his wife, Li Huanrong, who is currently separated from him, of secretly installing hidden cameras in their mansion in Brighton, UK, in collusion with her sister. The cameras’ targets were very clear: recording his input of the 6-digit PIN for his Trezor cold wallet and the critical 24-word mnemonic phrase.

Having the mnemonic phrase means having full control over the wallet. Subsequently, 2,323 $BTC were transferred in batches to 71 different addresses, which have not been moved to this day. At the current market price of about $70,000 per Bitcoin, this asset is worth approximately $1.63 billion.

The incident was triggered in July 2023 when Fire Forest learned from his eldest daughter that his wife might have plans regarding $BTC. He did not make this public but chose to install recording devices at home for evidence. Court documents show that the recordings clearly captured conversations between Li Huanrong and her sister.

One key conversation revealed Li Huanrong saying, “$BTC has already been transferred to me, but will it be discovered that you took it?” Her sister responded, “No problem, just take everything.” They also discussed money laundering risks, using a second wallet, and potential police investigations. These recordings later became crucial evidence in court.

During the confrontation, conflicts escalated, and Fire Forest admitted to one count of actual bodily harm and two counts of common assault. He then reported the theft to the police. In December of the same year, Li Huanrong was arrested by UK police and later released on bail. Police found 10 cold wallets, 5 sets of mnemonic phrases, and some of Fire Forest’s watches at her residence.

As of March 2026, the case has been officially transferred to the UK High Court. Presiding Judge Cotter, after reviewing the transcript of the recordings, stated that the plaintiff’s evidence was “devastating” and believed their chances of winning were very high. Due to the extreme volatility of cryptocurrency prices, the judge approved a global asset freeze order to expedite the case and preserve the assets’ value.

Although Li Huanrong firmly denied knowledge of the asset transfer through an affidavit, the court ruled that civil proceedings could continue.

Looking back at Fire Forest’s past, his rise to wealth was also surrounded by controversy. He graduated from Hong Kong Polytechnic University with a degree in accounting in 2003. Early on, he gained fame as a financial commentator for accurately predicting the real estate market, gold, and yen movements around the 2007-2008 financial crisis. After publishing books, hosting programs, and making personal investments, $BTC pushed his wealth to new heights.

In court, he stated that between 2010 and 2013, when $BTC was only worth a few dollars to a few hundred dollars, he began buying and holding large amounts. If valued at $100,000 each, this long-term holding would be worth $232.3 million.

However, between 2017 and 2018, he became involved in a promotion dispute. Multiple media reports indicated that Fire Forest heavily promoted a cryptocurrency called HE15 and related “cloud mining machines,” requiring investors to pay HKD 20,000 to 30,000 for purchase.

In mid-2018, the price of HE15 collapsed, the exchange channels shut down, and investors could not withdraw assets or their value dropped to zero. Some investors found that the so-called high-performance mining hardware had very low specifications and was sold at prices far above market value. In early 2019, over a hundred victims sought help from the Hong Kong Democratic Party and reported to the police, with an estimated loss exceeding HKD 20 million. In April of that year, the Hong Kong Commercial Crime Bureau arrested several personnel related to the involved companies on suspicion of conspiracy to commit fraud. At that time, Fire Forest, identified as a key opinion leader of the scheme, had already moved to the UK.

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