Hacker steals $42 million from Fenbushi Capital partner Bo Shen

image-Hacker steals $42 million from Fenbushi Capital partner Bo Shen

November 23, 2022

Bo Shen, a founding partner at Fenbushi capital, said his private crypto wallet was hacked in an incident on Nov. 10, which resulted in a $42 million loss of various crypto assets. 

The majority of the tokens, some $38 million, was taken in the stablecoin USDC. The rest of the stolen assets included tether (USDT), uniswap (UNI), reputation (REP), and liquidity (LQTY) tokens, on-chain data from the wallet shows.

“A total of $42M worth of crypto assets, including $38M in USDC were stolen from my wallet ending in 894 in the early morning of November 10 EST,” Shen said in a tweet.

Shen stated that he reported the exploit to the appropriate law enforcement agencies. He clarified that the stolen assets were personal funds, not those of Fenbushi or its related entities.

Beosin, a blockchain security firm, confirmed the exploit occurred, explaining that it was most likely caused by a “private key compromise.” After gaining unauthorized access to the wallet, the hacker transferred all of its assets to two Ethereum addresses under their control, according to Beosin.

According to security specialists at Slow Mist, the investor was using the non-custodial Trust Wallet; however, “Trust Wallet itself has no security issues related to this theft.”

Read More