The common risks of holding Bitcoin on behalf of others: Why even Jay Chou can't escape a disaster?

Author: Divine Grace

Trust in the crypto world has never been built on friendship.

“If you don't show up soon, you're done.” On the night of October 15, 2025, Jay Chou suddenly posted this line on IG, instantly igniting the entire internet. The accompanying image is a photo of his longtime friend, magician Cai Weize.

A dispute over Bitcoin investments worth over one billion New Taiwan dollars has begun. According to media reports, the Bitcoin account worth over one billion New Taiwan dollars held on behalf of Jay Chou by Cai Weize was suddenly frozen a year ago under the excuse of “account being locked,” and subsequently, Cai Weize himself completely went missing.

Even savvy figures like Jay Chou have stumbled in the cryptocurrency field, revealing not only a personal trust crisis but also the immense risks in the entire crypto asset holding market.

The “Magic” of Intimate Partners: From Stage Collaboration to Bitcoin Holding

Jay Chou's relationship with Cai Weize is far from that of ordinary business partners. Cai Weize is a well-known magician from Taiwan who has appeared on “America's Got Talent,” attracting international attention with his creative magic. He and Jay Chou became connected through their shared passion for magic, serving as a regular guest on “Traveling with Jay Chou” for a long time, and participating in Jay Chou's tours multiple times, with a bond as close as “brothers.”

Based on this friendship, when Jay Chou needed to venture into cryptocurrency investment, he naturally thought of this “knowledgeable” friend. Around the first half of 2024, Jay Chou consulted Cai Weize for Bitcoin investment advice. Cai Weize claimed to be “quite experienced in the blockchain circle” and eventually persuaded Jay Chou to entrust him with managing his Bitcoin account.

The amount held in trust is as high as over a hundred million New Taiwan Dollars (approximately 30 to 50 million USD), all of which are Bitcoin-related assets. The cooperation method adopts a “long-term holding + diversified allocation” strategy, with Cai Weize operating it entirely, and the two parties seem to have only a verbal agreement without a formal contract, completely based on friendship.

In the cryptocurrency space, this kind of “familiar person holding” is not uncommon. Many high-net-worth individuals, although interested in the crypto market, often choose to trust familiar acquaintances to operate on their behalf due to limitations in time, energy, and expertise. However, the fragility of this model far exceeds what most people imagine.

Warning Signals: From “Account Locked” to Complete Disconnection

The problem began to surface in early 2025. Cai Weize claimed that his Bitcoin account was “locked for some reason,” and Jay Chou was unable to withdraw funds. At that time, he promised to unlock it as soon as possible and lamented that many people were asking him for money. Based on trust, Jay Chou gave him time to resolve the issue.

However, this wait lasted a whole year. During the spring and summer of 2025, Cai Weize's phone was off, and his social media accounts were inactive, leaving only a “black background with white text English statement”: “Temporarily leaving social platforms and will not respond to messages during this period.” He then completely “vanished” with no trace (there are rumors that he may have fled to Southeast Asia).

Faced with this situation, Jay Chou finally “broke down” late at night on October 15, 2025, posting twice on IG to “search for someone” and unfollowing Cai Weize. From close “brothers” to publicly searching for a “debtor”, this trust crisis completely erupted on social media.

More regrettably, another magician, Chen Guanlin, was mistakenly “shot” because of this incident. A media outlet misread a post by Jay Chou and incorrectly used a photo of Chen Guanlin in their report, causing him to be mistakenly identified as a person involved in the case, which triggered strong dissatisfaction from netizens and people in the magic community. Chen Guanlin had to clarify through social media, and received support from many fans.

The Common Risks of Token Holding in the Crypto World: Why Even Jay Chou Can't Escape a Disaster?

Jay Chou's experience is not an isolated case, but rather a common dilemma faced by celebrities and even ordinary investors in the cryptocurrency market.

1. Absence of Legal Agreement

Virtual currency custody is currently in a legal gray area. Our country has clearly stated that activities related to virtual currency are considered illegal financial activities, and virtual currency transactions are not protected by law. Even if there is a custody agreement, if the content violates laws and regulations or public order and morals, it may also be deemed invalid.

In the case of Jay Chou, the two parties only had a verbal agreement and lacked a clear legal contract, once a problem arises, the difficulty of protecting rights is extremely high.

2. The Characteristics of Cryptographic Assets

The transactions of cryptocurrencies such as Bitcoin are irreversible and completely depend on private key control. Once the private key or account permissions are in the hands of others, the assets will be completely out of the actual owner's control. This is a common warning in the crypto community: “Not your keys, not your coins.”

Once Cai Weize controls the account private key, it will be very difficult for Jay Chou to actually recover the assets even through legal means.

3. Regulatory Gray Areas

Compared to traditional financial products such as stocks and funds, the behavior of holding cryptocurrencies on behalf of others is almost without unified regulatory constraints. Once disputes arise, investors face difficulties in seeking legal redress due to challenges in “evidence collection, classification, and enforcement.”

Although Jaywalk Music has received court collection documents, the difficulty of actually recovering assets is extremely high due to the anonymity and cross-border nature of cryptocurrency.

Celebrity Crypto Investment Traps: The Painful Lessons from Jay Chou to Brother Maji

Jay Chou is not the only celebrity to encounter setbacks in the cryptocurrency market. Looking back at recent cases, a clear trajectory of “celebrity crypto investment traps” can be observed.

Jay Chou's own PhantaBear NFT project once set a record by selling out 10,000 units in 40 minutes, earning over 62 million yuan. However, this project experienced a brief surge in the secondary market before entering a crash mode with the onset of the crypto bear market, with the floor price dropping by 96.6% from its peak in less than six months, and liquidity nearly dried up.

Taiwan's “Maji Dage” Huang Licheng has had a more dramatic experience. He operated Ethereum and other assets on the Hyperliquid platform, achieving paper profits of up to $44.5 million in just over 20 days, earning him the title of “legend in the crypto world.” However, due to market fluctuations, his leveraged Ethereum position was forcibly liquidated, not only wiping out all his profits but also incurring an additional loss of $10 million, bringing his total loss to $54.5 million.

In contrast, JJ Lin has adopted a more robust cryptocurrency investment strategy. Not only did he purchase Jay Chou's PhantaBear NFT to support his friend, but he also holds collectibles from leading projects like BAYC, forming a combination of “mainstream projects + familiar projects,” which has resulted in relatively limited losses amid market fluctuations.

These cases collectively reveal the common hidden dangers of celebrity crypto investments: over-reliance on personal influence while neglecting professional risk control, and chasing trends while lacking long-term value judgment.

Cryptocurrency Asset Security: How to Avoid Becoming the Next “Jay Chou”?

What lessons can ordinary investors learn from the Jay Chou incident?

1. Control of core assets must be in your own hands

No matter who the other party is, even if they are a long-time friend, the control of core assets must always be in your own hands. “Handing money over to someone else to manage” should always be approached with caution.

For cryptocurrency assets, this means that private keys must be kept secure by oneself, avoiding the storage of assets in wallets controlled by others. If it is necessary to delegate management to a professional institution, one should also choose a regulated and qualified legitimate platform.

2. Eliminate blind trust in “personal endorsements”

Stars, like ordinary investors, can easily let their guard down due to “introductions by acquaintances.” However, in the investment field, especially in the high-risk market of crypto assets, emotional trust can never replace professional evaluation and compliance processes.

Even with the closest friends, when it comes to large sums of money, one should “establish evidence first, then transact,” clarifying the rights and obligations of both parties, as well as the possible risk management mechanisms.

3. Adopt multiple security measures

For crypto assets, multiple security measures should be adopted: use hardware wallets for cold storage of assets, enable two-factor authentication, and regularly review account authorizations, etc. Although these technical measures cannot completely eliminate risks, they can significantly enhance asset security.

Trust in the crypto world must be built on technology as its cornerstone

Jay Chou's experience serves as a warning, not only for celebrities but also for all participants in the cryptocurrency market.

In the world of blockchain, “code is law” is an ironclad rule, and trust cannot replace technical and legal safeguards. The most powerful magic is not to conjure wealth, but to be able to protect one's own assets.

When “familiar trust” conflicts with the technical rules of blockchain, investors must prioritize security awareness over emotions and interests to avoid becoming victims of similar incidents.

As of the time of this report, Cai Weize is still missing, while Jay Chou has initiated legal proceedings through his lawyer. The entire cryptocurrency community is closely watching how this over 100 million yuan “magic trick” will ultimately conclude.

Regardless, this event has taught everyone a profound lesson: in the crypto world, excessive trust can sometimes be the most dangerous magic.