Market News- Bo Shen provided an update on the ongoing investigation on Twitter.
- Shen’s personal account was robbed of $42 M, including USD Coin and other cryptocurrencies.
- The seed phrase was used to access Shen’s wallet address and steal his digital assets.
In November 2022, Bo Shen, the general partner of Fenbushi Capital, had his cryptocurrency assets stolen from his wallet address. Presently, he released a statement addressing this unfortunate incident.
Bo Shen, an early investor in cryptocurrency, took to his official Twitter account to provide an update on the ongoing investigation into the stolen cryptocurrency assets. According to him, the investigation is still underway, and authorities are working hard to resolve the matter.
Furthermore, Bo Shen refuted any claims that he was the one who authorized the transaction and expressed his confidence in his LQTY token holdings.
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
SlowMist Confirms Wallet Compromise in Bo Shen’s Case
Sources familiar with the reports have indicated that Shen’s personal account was robbed of $42 million. Correspondingly, which included $38 million in USD Coin (USDC) and other cryptocurrencies. Shen, the founder of Fenbushi Capital, stated that the stolen amount belonged to his personal wallet addresses. Also, it had no connection to Fenbushi Capital or any related entities.
In his statement, Shen mentioned that local law enforcement was investigating the theft of his funds. Moreover, he has urged the crypto community to cooperate with him in identifying the hackers responsible for the crime.
As an incentive, he has announced a bounty to be rewarded to anyone who can provide valuable information that aids the investigation. Therefore, Shen is actively seeking assistance from the community to apprehend the perpetrators and recover his stolen assets.
SlowMist, a blockchain security company, investigated and concluded that the hacker compromised Shen’s crypto wallet seed phrase to access and steal his digital assets. Evidently seed phrase was used to access Shen’s wallet address and transfer the digital assets out of the wallet.
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Source: https://thenewscrypto.com/bo-shens-stolen-crypto-assets-still-under-investigation-by-authorities/