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

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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.

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Bo Shen said that the wallet held various assets (USDT, REP, LQTY, UNI), but USDC stablecoins (about $38 million) accounted for the lion’s share. 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 fact of hacking to law enforcement agencies. He also emphasized that the stolen assets are personal funds and are not associated with venture capital firm Fenbushi or other companies.

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Beoshin, a blockchain security company, confirmedthat the hack most likely occurred after “private key compromise”.

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

Source: Bits

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