Bo Shen, a crypto venture capitalist, has been hacked for $42 million. According to what he says, his Ethereum wallets have seen $42 million worth of tokens moving away. Beosin, a blockchain security company, explained that the exploit could be related to private keys that have been compromised. This is one of the latest hacks that affected the crypto industry in recent times.
Bo Shen Venture Capitalist Hacked for $42 Million
Another hack is now hitting the crypto industry. This time, the venture capital Bo Shen lost $42 million after he had an issue with his private keys. It is also worth taking into consideration that Bo Shen is the founder partner of Fenbushi capital. Multiple assets have been drained from his wallet, something that shows the vulnerability of the crypto industry.
In a recent Tweet, he said that the wallet contained 38 million USDC and that the attack took place already a few weeks ago on November 10. He assured investors that the stolen assets are personal funds that do not affect Fenbushi or other 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
At the same time, Bo Shen explained that the incident was reported to the local law enforcement agencies. According to him, the FBI and lawyers are both working in order to find and recover the funds stolen.
About it, Bo Shen wrote:
“The incident has been reported to the local law enforcement. FBI and lawyers both have been involved. Civilization and justice will eventually prevail over barbarism and evil. This is the iron law of human society. It’s just a matter of time.”
Over the last few years, a large number of cryptocurrency users and companies have been hacked for billions of dollars. This has created a situation in which investors fear losing their funds. If they leave their funds at exchanges, the platform could be attacked. Now, if they hold their digital currencies in their own wallets, there could be issues when handling private keys.
Therefore, standards have to improve if the industry wants to continue to expand and attract new small and large investors from different sectors. There is still a lot of work to do in many areas of the crypto market.
For example, the Binance Smart Chain was hit by a massive $570 million hack earlier in 2022. This shows that even one of the largest companies in the crypto industry could have security vulnerabilities that can be exploited by hackers and malicious parties. After this situation, the Binance exchange took multiple measures in order to improve the security of the Binance ecosystem.
Furthermore, with the implosion of the FTX crypto exchange, the industry became under fire once again. Indeed, during the last weeks, accusations of hacks and appropriation of funds have been around. This only creates larger problems for the crypto industry, which has been growing in the last 5 years at a very fast rate.
Nowadays, Bitcoin is the leading cryptocurrency in the world with a market capitalization of $315 billion and a price per coin of $16,400.