March 28, 2024

Chinese venture investor Bo Shen loses $42 million worth of crypto assets

Article Reading Time:
1 min.

Chinese venture investor Bo Shen loses $42 million worth of crypto assets

The founder of the venture capital firm Fenbushi Capital and one of China's most famous cryptocurrency investors, Bo Shen, reported that one of his wallets was hacked.

Bo Shen said what was in the walletvarious assets were stored (USDT, REP, LQTY, UNI), but the lion's share was USDC stablecoins (about $38 million). The investor used the Trust Wallet. The hacker somehow gained access to the mnemonic phrase, so he had full access to all assets. The attacker withdrew funds to two addresses.

“$42 million in assets, including $38 million in USDC, were stolen from my personal wallet address ending in 894 in the early hours of November 10th,” Bo Shen wrote.

The investor said that he had already reported the facthacking to law enforcement agencies. He also stressed that the stolen assets were personal funds and were not associated with venture capital firm Fenbushi or other companies.

Blockchain security company Beoshin confirmed that the hack likely occurred after a “private key was compromised.”

At the beginning of the month, a compromise of an administrator's private key resulted in
to the loss of $1.2 million by the Rubic internet bridge.