Fenbushi founder loses $42M in a hack

Bo Chen, the founder of the first venture firm in Asia, Fenbushi Capital, announced on Twitter a hack of his wallet. Hackers stole stablecoins, BTC, and ETH worth $42 million.

According to Chen’s Twitter thread, the hack happened on November 10. Hackers stole his personal wallet details, resulting in a loss of 38.233.180 $USDC, 719.760 $USDT, 4.13 BTC, and 1.607 ETH.

Investor stressed that Fenbushi Capital funds are not affected. As for his personal assets, Bo Chen got the authorities involved in the hacking case.

The incident has been reported to the local law enforcement. FBI and lawyers both have been 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.

While Bo Shen didn’t reveal additional information on how hackers stole the funds, a blockchain security firm Slow Mist shows Shen’s seedphrase was compromised:

As claimed by the analytics, Bo Shen used a non-custodial Trust Wallet. They’re adding that Trust Wallet has no security problems related to the hack. SlowMist is now calling for the hacker to return the stolen funds. Based on the information to date, this hacker doesn’t look like a white hat one.

In addition, this is not the first hack in Bo Shen’s life. In 2016, hackers stole $300.000 in Augur using social engineering technics. Hackers stole personal information and initiated a dump of Augur, in which Shen invested. The same hacker has also attacked several other people involved with Augur. Funds were not retrieved, and when the hackers were asked why they did it, they responded: “For the money, obviously.”