Hackers Steal $42 Million Worth of Crypto Assets from Fenbushi Capital Founder Bo Shen – This is What Happened

Source: Pixabay

Hackers have stolen as much as $42m worth of crypto from a wallet controlled by the prominent blockchain venture capitalist Bo Shen, founder of Fenbushi Capital.

The news of the theft was shared by Bo Shen himself on Twitter on Wednesday, with Shen saying the theft happened from his personal crypto wallet on November 10. He stressed that the theft did not involve any company assets.

“A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet,” Shen wrote. He added that the incident had already been reported to local police, and said the FBI had also been involved.

Mnemonic words compromised

Examining the incident, the blockchain security firm SlowMist shared further details about the theft on Twitter, and pointed out that the reason for the theft was that the mnemonic words had been compromised.

The security firm said in the Twitter thread that the wallet used was Trust Wallet, a popular mobile wallet that supports a large number of cryptoassets. Trust Wallet is now owned by Binance, after being acquired by the exchange in 2018.

In total, 38.2m USDC, 1,607 ETH, 719,760 USDT and 4.13 BTC have disappeared from the affected Bo Shen’s wallet, SlowMist’s tweet said.

“We are working with to follow up on this theft, and with the FBI and lawyers already involved, we are calling on the hackers to pay back the money ASAP,” the firm wrote, while also sharing a detailed overview of the transaction flow in the theft:

Trust Wallet token soars

Despite the reported theft, the price of Trust Wallet’s own TWT token has largely remained unchanged on both Wednesday and Thursday this week.

The slow action for the token came after a massive bull run two weeks ago, when TWT rose from $1.9 to a high of $2.7 in a matter of just three days, and posting a 92% gain in a week.

TWT is a top 50 cryptoasset on CoinMarketCap’s ranking, with a current market capitalization of $910m.

Hackers Steal $42 Million Worth of Crypto Assets from Fenbushi Capital Founder Bo Shen – This is What Happened

TWT price year-to-date. Source: CoinMarketCap

NEWS RELATED

Threat Protection: a lightweight antivirus solution and ad blocker from NordVPN

Disclaimer: The following article is part of Cryptonews Deals Series and was written as a promotional article in collaboration with the sponsor of this offer. If your company has an exclusive promotion that you would like to share with our readers, we invite you to reach out to us. Let’s ...

View more: Threat Protection: a lightweight antivirus solution and ad blocker from NordVPN

Get In on the Ground Floor With RobotEra, the New Metaverse Crypto Platform – Next 10x Presale?

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. New Sandbox-like project RobotEra is set to be the market leader in metaverse gaming, with its TARO token presale already raising over $525,000 in less than two months. ...

View more: Get In on the Ground Floor With RobotEra, the New Metaverse Crypto Platform – Next 10x Presale?

Dogecoin Price Prediction as CNBC’s Jim Cramer Says DOGE is About to Collapse – Best Inverse Indicator?

DOGE eyes next area of support. Source: TradingView DOGE, the native cryptocurrency that powers the Dogecoin blockchain, was last changing hands about 4.5% lower on the day on Monday just to the south of the $0.09 level, extending on Sunday’s 3.6% decline. Though Dogecoin has managed to recover from ...

View more: Dogecoin Price Prediction as CNBC’s Jim Cramer Says DOGE is About to Collapse – Best Inverse Indicator?

US Justice Dept Mulling Criminal Charges Against Binance Founder CZ: Report

Discussions between Binance attorneys and Department of Justice officials have reportedly included potential plea deals.

View more: US Justice Dept Mulling Criminal Charges Against Binance Founder CZ: Report

Why IMPT, Orbeon Protocol (ORBN), and MiniFootball are set to rally in the end of 2022

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. 2022 hasn’t been the best year for cryptocurrency. From November 2021 to November 2022, the market decreased in value from $3 trillion to around $900 billion, with most cryptocurrencies losing over 70% of their value.  As ...

View more: Why IMPT, Orbeon Protocol (ORBN), and MiniFootball are set to rally in the end of 2022

Former SEC Regulator: Binance's Proof of Reserves Audit 'How I Define Red Flag’

The compliance veteran said Binance’s report didn't address internal financial controls and that it lacks an “assurance conclusion.”

View more: Former SEC Regulator: Binance's Proof of Reserves Audit 'How I Define Red Flag’

Crypto Mining Investments in Cuba Have Been Severely Impacted by Constant Power Blackouts

Sourc: AdobeStock / amixstudio Repeated blackouts in several parts of Cuba have reportedly made operating cryptocurrency mining rigs impossible – and mining unsustainable. Many Cubans have lost thousands of dollars that they had invested in crypto mining equipment and graphics cards, according to a report by CubaNet. Numerous young ...

View more: Crypto Mining Investments in Cuba Have Been Severely Impacted by Constant Power Blackouts

Tron's Justin Sun 'Deploying More Capital' to Arrest Stablecoin USDD's Slide

Justin Sun posted a meme riffing on Terra's Do Kwon as Tron's native stablecoin USDD slipped to an all-time low on Monday.

View more: Tron's Justin Sun 'Deploying More Capital' to Arrest Stablecoin USDD's Slide

Punt Casino No Deposit Bonus and Review

World Cup is more exciting with Welcome bonus up to 5,000 USDT from Coinplay

Arkansas Electric Utility to Offer Energy Sweetener to Battered Crypto Miners

Oryen Network Investors Confident After Audit and Community Growth Similar To Shiba Inu and Binance Coin

TrustDice Promo Codes and Review

S Korean Prosecutors Say Do Kwon Is in Serbia, Terra Luna Classic Takes a Tumble

US Senator Jon Tester Sees ‘No Reason’ Why Cryptocurrencies Should Exist – Regulation Coming?

South Korean Authorities Say Terraform Labs CEO Do Kwon in Serbia: Report

Ethereum Price Prediction – Can ETH Reach $3,000 by 2023?

Sam Bankman-Fried Wants to Start a New Business to Pay Back Victims of FTX Collapse – This is What You Need to Know

Dogecoin Plummets 9% as Crypto Markets Flash Red

Bitcoin Price and Ethereum Down 4%; Market Braces for US CPI & FOMC Rate Decision This Week

OTHER NEWS