Cryptocurrency

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

Hull Invest

A general partner of Fenbushi’s capital, Bo Shen, tweeted on Nov. 23 that malicious players stole $42 million from personal wallets on Nov. 10.

Shen revealed that most of the stolen crypto was worth $38 million in USDC. Multiple blockchain security firms have revealed that other stolen assets include 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 company Beosin Confirmed Incident. According to the company, the hack was due to a private key compromise.

Another Blockchain Security Company SlowMist Said Shen’s Trust Wallet has been compromised. SlowMist added that it confirmed the wallet was the official version.

SlowMist noted that some of the stolen funds were credited to ChangeNow.

Shen reported the hack to law enforcement. He said both the FBI and his attorney were already involved.

“Civilization and justice will eventually triumph over savagery and evil. This is the cardinal rule of human society. It’s only a matter of time.”

Shen hopes his case teaches security protections

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

According to Shen, one of the early industry issues that had to be addressed was “zero tolerance for misappropriation of user funds, coin theft, and fraudulent account theft.”

He added that hacking is not a deterrent from supporting the blockchain industry.

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