Bo Shen’s Stolen $42M Crypto Assets Still Under Investigation

Bo Shen, the general partner at Fenbushi Capital, has reiterated his position on the funds stolen from his crypto wallet in November 2022. In a recent tweet, the early crypto investor explained that the stolen assets are still under active investigation by all parties involved.

Stolen assets from last November are still under active investigation by all parties involved.

Unauthorized transactions in the stolen wallet, including the sale of #LQTY, were not executed by me.

I maintain long-term confidence in #LQTY, have never sold any, and continue to…

— Bo Shen (@boshen1011) April 16, 2023

Shen reaffirmed he did not authorize the transactions in the stolen wallet. He also stated that he did not execute the sale of LQTY tokens registered during the transactions. Claiming to maintain long-term confidence in LQTY and never sold any LQTY. Instead, he claims to continue supporting the LQTY liquidity pool.

The investor solicited collaboration from the crypto community in finding clues about the hackers behind his stolen funds. He promised to issue a bounty on any valuable information provided by the community.

Shen’s stolen funds were reported on November 23, 2022, after he 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.

A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet ending in 894 in the early morning of November 10 EST.

The stolen assets are personal funds and do not affect on Fenbushi related entities.

— Bo Shen (@boshen1011) November 23, 2022

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.

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