December 5, 2022

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

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

Bo Shen, founder of venture capital firm Fenbushi Capital and one of China's most famous cryptocurrency investors, has revealed that one of his wallets has been hacked.

Bo Shen reveals what's on the walletvarious assets were stored (USDT, REP, LQTY, UNI), but the lion's share was USDC stablecoins (about $38 million). The investor used 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.

“Assets worth $42 million, including $38 million in USDC, were stolen from my personal wallet, whose address ends with 894, in the early morning of November 10,” wrote Bo Shen.

The investor said that he had already reported the factbreaking into law enforcement. He also emphasized that the stolen assets are personal funds and are not associated with venture capital firm Fenbushi or other companies.

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

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