Fenbushi Founder Bo Shen Loses $42M in Stablecoins, Bitcoin, Ethereum to Hackers

Fenbushi Founder Bo Shen Loses $42M in Stablecoins, Bitcoin, Ethereum to Hackers

  • Bitcoin
  • November 23, 2022
  • No Comment
  • 7

Bo Shen, the founding partner of venture capital firm Fenbushi Capital, took to Twitter on Wednesday to share the news of hackers stealing as much as $42 million in crypto from his personal wallet.

According to Shen, the theft occurred on November 10, with most of the stolen funds— $38 million—being the USDC stablecoin.

He added that the stolen assets are personal funds and do not affect any entities related to Fenbushi.

Shen, who lives in the Atlanta Metropolitan Area according to LinkedIn, went on to say the incident has been reported to the local law enforcement, with both the FBI and lawyers involved.

“Civilization and justice will eventually prevail over barbarism and evil. This is the iron law of human society. It’s just a matter of time,” wrote Shen.

Fenbushi founder’s seed phrase compromised

While the Fenbushi chief didn’t reveal additional details of the incident, blockchain security firm SlowMist said its analysis showed that hackers managed to compromise Shen’s wallet seed phrase.

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

SlowMist also shared Shen’s affected addresses for Ethereum (ETH), Tron (TRX), and Bitcoin (BTC), with most of the funds from these addresses sent to crypto swapping platform ChangeNOW.

“We are calling on the hackers to pay back the money ASAP,” added SlowMist.

Notably, this is not the first time Shen has fallen victim to hackers.

Back in 2016, bad actors used social engineering techniques to get access to Shen’s mobile phone and email to facilitate an exploit that resulted in about $300,000 in Augur (REP) and an undisclosed amount in ETH stolen from his wallets.

Stay on top of crypto news, get daily updates in your inbox.

Source link

Related post

Bitcoin Shrimp Adds 96.2K BTC Since FTX Crash

Bitcoin Shrimp Adds 96.2K BTC Since FTX Crash

Crypto News Today Live Updates November and Latest News: (28 November 2022) The global digital asset market dropped by is trading…
Morse Micro Supercharges its Series B Funding Round with AU $30 Million Top-up from Major Superannuation Funds and Others

Morse Micro Supercharges its Series B Funding Round with…

SYDNEY–(BUSINESS WIRE)–Morse Micro, a fabless semiconductor company reinventing Wi-Fi for the Internet of Things (IoT), today announced an AU $30 million…
Can the AI Bill of Rights shape global AI regulation?

Can the AI Bill of Rights shape global AI…

With innovation changing the way of life and the way of doing business immeasurably in recent years, there are growing calls…

Leave a Reply

Your email address will not be published.