Bo Shen, a partner at Fenbushi Capital loses $42 million worth of crypto to hacker

Bo Shen, a crypto venture capitalist, said his Ethereum wallet was emptied for $42 million.

Bo Shen, a founding partner at Fenbushi Capital, stated that his private crypto wallet was hacked on November 10, resulting in a $42 million loss of various crypto assets.

The stablecoin USDC was used to purchase the majority of the tokens, totaling $38 million.

According to on-chain data from the wallet, the remaining stolen assets included tether (USDT), uniswap (UNI), reputation (REP), and liquity (LQTY) tokens.

Shen stated that he reported the exploit to the appropriate law enforcement agencies. He clarified that the stolen assets were personal funds, not those of Fenbushi or its related entities.

Beosin, a blockchain security firm, confirmed the exploit occurred, explaining that it was most likely caused by a “private key compromise.”

After gaining unauthorized access to the wallet, the hacker transferred all of its assets to two Ethereum addresses under their control, according to Beosin.