Jay Chou and Bitcoin (BTC): The Crisis of Custody Management for Celebrities’ Cryptocurrency Assets

Recently, Jay Chou caused a huge stir on the internet when he entrusted his friend and magician, Cai Weize, to hold back billions of New Taiwan dollars in Bitcoin. As a result, his account was locked, and the funds could not be withdrawn, causing that huge investment to disappear completely. This incident not only brought public attention back to the issue of security in cryptocurrency assets, but also revealed that even famous investors cannot escape the risks associated with proxy holding and lack of trust mechanisms. As discussions continue on social media platforms, this incident serves as a reminder that in the world of digital currencies, trust and security are always more important than potential profits.

“Whoever sees this magician who made himself invisible, please let me know. Do you really think I’m not a magician? If you don’t show up soon, you’re finished.” Late at night on October 15th, 2025, Jay Chou posted these words on Instagram along with a photo of his friend Cai Weize. This triggered a controversy surrounding the investment of billions of New Taiwan dollars in Bitcoin.

According to media reports, Jay Chou’s Bitcoin account, which he had entrusted to his long-time friend and magician Cai Weize, was suddenly frozen a year ago under the pretext that the account was locked. Since then, Cai Weize has disappeared without a trace. From being close friends to being treated as a creditor, this crisis of trust reveals the enormous risks associated with proxy holding in the cryptocurrency market.

The “magician’s” game of trust: from stage collaborations to Bitcoin proxy holding

The relationship between Jay Chou and Cai Weize is far more than just that of ordinary business partners. Cai Weize is a renowned magician from Taiwan who appeared on the reality show “American Idol”, attracting international attention with his creative magic tricks. They became friends because they both share a passion for magic. Cai Weize has often served as a regular guest on Chou’s TV show, “Chou’s Travels”, and has also participated in many of Chou’s concert tours. Their friendship is truly close, like that of brothers. Due to this strong bond, when Chou needed to invest in cryptocurrencies, he naturally thought of this experienced friend. Around the first half of 2024, Chou consulted Cai Weize about investing in Bitcoin. Cai Weize claimed to have extensive experience in the blockchain industry, and he successfully convinced Chou to entrust him with managing his Bitcoin accounts. The amount involved was over hundreds of million New TWD (approximately 30 to 50 million US dollars), all of which were Bitcoin-related assets. The cooperation involved a strategy of “long-term holding + diversified allocation”. Cai Weize handled everything entirely on his own, and there seemed to be only verbal agreements between them, without any formal contracts. The entire arrangement was based on friendship alone. In the world of cryptocurrencies, such arrangements between acquaintances are not uncommon. Many high-net-worth individuals are interested in the crypto market, but due to time constraints, energy limitations, and lack of professional knowledge, they often choose to leave their investments in the hands of trusted acquaintances. However, the fragility of this seemingly convenient model is much greater than most people realize. Warning signs: from “accounts being locked” to complete disconnection from each other.

The issues began to surface in early 2025. Cai Weize claimed that his Bitcoin account was “locked for some reason,” and Jay Chou couldn’t access his funds. At that time, he promised to unlock the account as soon as possible, but also lamented that many people were asking for money from him. Out of 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 turned off, and his social media accounts were inactive. All that remained was a statement in English with a black background and white text: “I will temporarily withdraw from social platforms. I will not respond to any messages during this period.” After that, Cai Weize disappeared completely, and his whereabouts became unknown. There were rumors that he might have fled to Southeast Asia.

Facing this situation, Jay Chou finally broke down late at night on October 15, 2025. He posted two posts on Instagram asking for information about Cai Weize and also removed his follow from the account. From being a close friend to a creditor who is now searching for someone, this trust crisis exploded on social media. What’s more regrettable is that another magician, Chen Guanlin, also became involved in this situation. Due to misinterpretation of Jay Chou’s post, some media used an image of Chen Guanlin in their reports, leading to the wrong assumption that he was involved in the matter. Chen Guanlin had to clarify his situation through social media, and many fans supported him.

The common risks associated with cryptocurrency holdings: Why even Jay Chou couldn’t escape this situation?

周杰伦的遭遇并非个例，而是明星乃至普通投资者在加密市场面临的普遍困境。虚拟货币代持目前处于法律灰色地带。我国已明确虚拟货币相关业务活动属于非法金融活动，虚拟货币交易不受法律保护。即使存在代持协议，如果内容违反法律法规或公序良俗，也可能被认定为无效。

在周杰伦案例中，双方仅有口头约定，缺乏明确的法律协议，一旦出现问题，维权难度极大。比特币等加密货币的交易具有不可逆性，且完全依赖私钥控制。一旦私钥或账户权限被他人掌握，资产就会彻底脱离实际所有人的掌控。这就是币圈常见的警示：“不是你的钥匙，不是你的币。”当蔡威泽控制了账户私钥，周杰伦即使通过法律途径，也很难在实际上追回资产。

相比股票、基金等传统金融产品，加密货币的代持行为几乎没有统一的规则约束。一旦出现纠纷，投资者想通过法律途径维权面临“取证难、定性难、执行难”的困境。杰威尔音乐虽已收到法院催讨文件，但由于加密资产的匿名性与跨境性，实际追回资产的难度极大。

Jay Chou is not the only celebrity to encounter setbacks in the crypto market. Looking at cases in recent years, it becomes clear that there is a common pattern among celebrity crypto investments. Jay Chou’s own PhantaBear NFT project set a record, selling 10,000 units in just 40 minutes, with revenues exceeding 62 million RMB. However, after a brief surge in the secondary market, the project experienced a sharp decline due to the crypto bear market. In less than half a year, the price dropped by 96.6%, and liquidity became almost zero.

Huang Licheng, the “Brother Maoji” from Taiwan, had a more tumultuous experience. He traded assets like Ether on the Hyperliquid platform, making a profit of up to 44.5 million USD in just over 20 days. He was hailed as a “legend in the crypto world.” However, due to market fluctuations, his leveraged Ether positions were forced to be liquidated. Not only did he lose all his profits, but he also incurred an additional loss of 10 million USD, totaling 54.5 million USD in losses.

In contrast, JJ Lin adopted a more cautious approach to crypto investments. He not only purchased Jay Chou’s PhantaBear NFTs to support his friends, but he also held tokens from top projects like BAYC. This combination of “mainstream projects + trusted projects” allowed him to suffer relatively minimal losses during market fluctuations.

These cases highlight common risks associated with celebrity crypto investments: reliance on personal influence at the expense of professional risk management, and chasing trends without making long-term value judgments.

Trust in the crypto world must be based on technical expertise

Jay Chou's experience serves as a warning, not only for celebrities but also for all those involved in the cryptocurrency market. In the world of blockchain, “code is law” – trust cannot replace technical and legal safeguards. The most powerful magic isn’t creating wealth, but rather protecting one’s assets. When “trust among acquaintances” conflicts with the technical rules of blockchain, investors must prioritize security over emotions and interests to avoid becoming victims of such situations. As of publication, Cai Weize remains unreachable, while Jay Chou has already initiated legal proceedings through his lawyer. What will happen to this “magic” worth hundreds of millions of yuan? The entire crypto community is closely watching. No matter the outcome, Jay Chou’s experience has taught everyone a crucial lesson: in the crypto world, overconfidence can be the most dangerous form of deception. The future development of the crypto industry requires significant breakthroughs in terms of security, transparency, and regulatory coordination.