"If you don't show up soon, you're finished!" Got burned trading crypto, Jay Chou is getting anxious.

Recently, Jay Chou publicly called out his long-time friend, magician Kevin Tsai, on social media, with the words "If you don't show up soon, you're finished," pushing a Bitcoin investment dispute involving more than 100 million New Taiwan dollars (about 23.21 million RMB) into the public eye. According to media reports, the pop superstar recently posted a "missing person" notice on Instagram, claiming that "this magician who made himself disappear" has gone completely missing. Kevin Tsai had previously managed Bitcoin investments on behalf of Jay Chou, but at the beginning of 2025, citing "technical issues with the account being locked," he refused to release the assets. Subsequently, he went from giving perfunctory excuses to being completely out of contact, and the IOU promissory notes he issued to Jay Chou also bounced due to "insufficient funds." According to media reports, Jay Chou has initiated legal action through his lawyer. This dispute highlights the legal gray area of cryptocurrency proxy-holding—control of the private key means control of the assets. Once account access is in someone else’s hands, the assets are entirely out of the actual owner’s control. This incident sounds a warning for participants in the crypto market. In the blockchain world, the saying "not your keys, not your coins" has once again been validated—even celebrity investors are not immune to the pitfalls of having acquaintances hold assets on their behalf. Dramatic Transition: From Close Friends to Creditor The relationship between Jay Chou and Kevin Tsai goes far beyond ordinary business partners. According to public information, Kevin Tsai is a well-known magician in Taiwan, China, who once appeared on "America's Got Talent," was a regular guest on "J-Trip," and has participated in multiple Jay Chou concert tours. Jay Chou once publicly said that he was "the person in the magic world who understands me the most." In 2024, this trust turned into tangible cooperation. Kevin Tsai managed Bitcoin investments on behalf of Jay Chou, with amounts reaching over 100 million New Taiwan dollars. Jay Chou transferred funds to Tsai, who used his own name to open accounts on cryptocurrency exchanges and operate the investments. The turning point came at the beginning of 2025. Kevin Tsai suddenly informed Jay Chou that the Bitcoin account had been "locked due to technical issues" and assets could not be withdrawn, claiming he was negotiating with the exchange to unlock it, and asked Jay for more time as he was "facing multiple debt collectors." Out of their long-time friendship, Jay Chou chose to trust him and granted time to resolve the issue. However, the issue was never resolved. When the agreed repayment deadline arrived, Kevin Tsai shifted from giving excuses to being completely out of contact. More surprisingly, the promissory notes he had issued previously became "bounced checks"; the bank responded "insufficient funds," completely exhausting Jay Chou's patience. According to related reports, Jay Chou has been looking for Kevin Tsai for several months; behind it lies a dispute involving more than 100 million New Taiwan dollars, and the focus of the conflict points directly to cryptocurrency investments. Reportedly, Jay Chou’s company, JVR Music, has also been implicated, having received claim letters from third parties, as Kevin Tsai is suspected of using JVR Music’s name for other financing or transactions. Now that Kevin Tsai is missing, creditors have naturally turned to Jay Chou’s company. Normally, JVR Music is quick to respond to rumors, but this time they've only said, “Sorry, no comment.” In response to Jay Chou’s public call, Kevin Tsai replied about an hour later. He first reposted Jay Chou’s story, writing “It’s really been a long time since I’ve been around” with a greeting sticker, and then posted a black-background, white-text statement: “Sorry, I will stop using social media for a while and won’t be replying.” However, this response did not mention the reasons for his disappearance or the conflict between him and Jay Chou. Market insiders speculate that Kevin Tsai’s “disappearance” is related to the "black swan" event in the cryptocurrency market on October 11. On that day, crypto markets experienced dramatic fluctuations, with total liquidations of contracts across the internet reaching $19 billion, and Bitcoin’s price briefly falling below $110,000. The timing of Jay Chou's public search coincided with this market crash. Industry insiders speculate, "It’s possible Kevin Tsai used the funds to lever up in crypto trading, couldn't explain the losses after being wiped out, and so chose to disappear." Risk Warning and Disclaimer The market is risky, and investments should be made with caution. This article does not constitute personal investment advice and does not take into account individual users' specific investment objectives, financial situations, or needs. Users should consider whether any opinion, viewpoint, or conclusion in this article suits their individual circumstances. Investment is at your own risk.