According to one new post On Twitter on November 23, Bo Shen, a general partner at venture capital fund Fenbushi Capital, advised by Vitalik Buterin, claims that $42 million was stolen from his Trust Wallet on November 10. Shen, who grew up in China but now lives in Atlanta, says the funds were his personal assets and the exploit does not affect entities related to Fenbushi.
“The exploit has been reported to local security forces. The FBI and lawyers have intervened. Civilization and justice will eventually prevail over barbarism and evil. This is the iron law of human society. It is only a matter of weather”.
Later today, blockchain analytics firm SlowMist confirmed the exploit, stating the motive for the theft was “mnemonic word compromise.” The firm also revealed that a combination of addresses belonging to Shen was drained of 38,233,180 USD Coin (USDC), 1,607 Ether (ETH), 719,760 Tether (USDT), and 4.13 Bitcoin (BTC). The stolen funds were later deposited on ChangeNow and SideShift exchanges.
“In addition, we have verified during our investigation that the Trust Wallet of @boshen1011 it is the official version and not a fake wallet. Trust Wallet itself has no security issues related to this theft.”
Following the theft of @boshen1011‘s personal wallet, we were immediately tasked with the investigation.
We began by conducting an on-chain analysis of the stolen assets and the hackers’ address.
Here’s what we found https://t.co/ddxSmYvt0I
—SlowMist (@SlowMist_Team) November 23, 2022
On Twitter, Shen thanked users for their supportive comments and reiterated his “commitment to Blockchain technology and decentralized services.” The last recorded hack of Bo Shen’s wallets took place on December 8, 2016, after hackers gained unauthorized access to a backup copy of the forum.ethereum.org database. Shen, an early investor in Ethereum and Augur, had both tokens stolen from his wallets, which were sent to an instant exchange service on Poloniex. A portion of the funds has since been recovered.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.