Hackers steal $42M from Fenbushi Capital founder’s wallet

General partner at Fenbushi capital Bo Shen tweeted on Nov. 23 that malicious players stole $42 million from his personal wallet on Nov. 10.

A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet ending in 894 in the early morning of November 10 EST.

The stolen assets are personal funds and do not affect on Fenbushi related entities.

— Bo Shen (@boshen1011) November 23, 2022

Shen revealed that most of the stolen crypto was $38 million in USDC. Several blockchain security firms revealed that the other stolen assets included Tether (USDT), Bitcoin (BTC), and Ethereum (ETH).

Shen reiterated that the stolen assets were his “personal funds” and had no effect on Fenbushi or related entities.

Blockchain security firm Beosin confirmed the incident. According to the firm, the hack was caused by a private key compromise.

Another blockchain security firm SlowMist said Shen’s Trust Wallet was compromised. SlowMist added that it verified that the wallet was the official version.

3/
-> 4.13 $BTC + 100,000 $USDT were deposited to @ChangeNOW_io
-> 152,673.3397 USDT was deposited to @ChangeNOW_io
-> 200 DAI + 386,126 USDT were deposited to @sideshiftai pic.twitter.com/HUy0rPYM1i

— SlowMist (@SlowMist_Team) November 23, 2022

SlowMist noted that some of the stolen funds had been deposited to ChangeNow.

Shen has reported the hack to law enforcement agencies. He said both the FBI and his lawyers were already 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.”

Shen hopes his case teaches security protection

The founder of the Asia-based blockchain-focused venture capital said he hopes his case will teach new and old users to do a “good job in security management.”

安全保护：全球数字化是大势所趋，早期行业乱象丛生，必须与那些：挪用用户资金的，偷币的，盗号诈骗的 零容忍。区块链技术驱动的健康发展需要朗朗天空的净土。 作为一员老兵，公开自己的被盗事件，是希望新老用户做好安全管理。 警钟长鸣！

— Bo Shen (@boshen1011) November 23, 2022

According to Shen, one of the early industry issues that must be dealt with included “misappropriating user funds, stealing coins, and zero tolerance for fraudulent account theft.”

He added that the hack would not dissuade him from supporting the blockchain industry.

我初心不变，一如既往支持区块链技术驱动的去中心化的协议层创业与创新， 和应用层面的百花齐放并拥抱监管。坚定不移地参与创造社会价值，为行业的长期健康作贡献。

— Bo Shen (@boshen1011) November 23, 2022

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