Investigation Continues: Bo Shen’s $42M Crypto Assets Still Missing!

"Fenbushi Capital's General Partner Bo Shen Stands Firm on Stolen Crypto Funds Investigation"

Bo Shen, a general partner at Fenbushi Capital, has spoken out about the ongoing investigation into the theft of his crypto wallet in November 2022. In a recent tweet, the early crypto investor stated that the stolen assets are still being actively investigated by all parties involved. Shen reiterated that he did not authorize the transactions in the stolen wallet and did not execute the sale of LQTY tokens registered during the transactions. He maintains long-term confidence in LQTY and never sold any LQTY, instead continuing to support the LQTY liquidity pool.

Shen has called for collaboration from the crypto community in finding clues about the hackers behind his stolen funds. He has promised to issue a bounty on any valuable information provided by the community. The stolen funds were reported on November 23, 2022, after Shen tweeted that $42 million worth of crypto assets were stolen from his personal wallet. Among the assets stolen were $38 million in USDC and other digital currencies. Shen confirmed at the time that the stolen funds belonged to him and had nothing to do with Fenbushi Capital or any of its entities.

Initial investigations by the blockchain security company, SlowMist, suggested that the thief stole the funds after compromising the seed phrase on Shen’s crypto wallet. However, it absolved the wallet’s host, Trust Wallet, of all responsibilities, noting that the Wallet Provider had no security issues relating to the theft. Shen’s recent tweet confirms the funds are yet to be recovered, despite the involvement of local law enforcement agencies. However, respondents to his tweet promised to render support in recovering the funds. One of the respondents shared a screenshot that revealed the thief sent the funds to a wallet on the WhiteBIT cryptocurrency exchange.

The theft of Bo Shen’s $42 million crypto assets has been the subject of much discussion in the crypto community. As an early crypto investor and general partner at Fenbushi Capital, Shen is a well-known figure in the industry. The theft has raised concerns about the security of crypto wallets and the need for increased measures to protect digital assets. Shen’s call for collaboration from the crypto community in finding the hackers behind the theft is a positive step towards addressing these concerns.

The crypto industry has seen a surge in thefts and hacks in recent years. The decentralized and anonymous nature of cryptocurrencies makes them an attractive target for hackers. As the value of digital assets continues to rise, it is essential to take measures to protect them from theft and hacking. One of the most effective ways to do this is to use a hardware wallet, which stores private keys offline, making it difficult for hackers to gain access to them.

The theft of Bo Shen’s crypto assets is a reminder of the importance of taking measures to protect digital assets. As the crypto industry continues to grow, it is essential to ensure that security measures keep pace with the development of new technologies. The involvement of local law enforcement agencies in investigating the theft is a positive step towards holding the hackers accountable for their actions. The crypto community’s response to Shen’s call for collaboration is also encouraging and demonstrates the industry’s commitment to addressing security concerns.

Martin Reid

Martin Reid

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