Shen revealed that the majority of the stolen cryptocurrency was worth $38 million in USDC. Tether (USDT), Bitcoin (BTC), and Ethereum were among the other stolen assets, according to several blockchain security firms (ETH).

Shen stated once more that the stolen assets were his "personal funds" and had no bearing on Fenbushi or related entities.

Beosin, a blockchain security firm, confirmed the incident. According to the firm, the hack was induced by a private key compromise.

SlowMist, another blockchain security firm, stated that Shen's Trust Wallet had been compromised. The firm also confirmed that the wallet was the official version.

The security firm discovered that some of the stolen funds were deposited with ChangeNow. Shen has informed law enforcement of the hack. He claimed that the FBI and his attorneys were already involved.

"Eventually, civilization and justice will triumph over barbarism and evil. This is the unbreakable rule of human society. It is simply a matter of time."

Shen hopes that his case will teach others about security

The founder of the Asia-based blockchain-focused venture capital firm expressed hope that his case will teach new and old users alike how to do a good job in security management.

One of the early industry issues that needed to be addressed, according to Shen, was misappropriating user funds, stealing coins, and zero tolerance for deceitful account theft. He also stated that the hack would not deter him from assisting the blockchain industry.

The attack on Bo Shen's wallet comes as trust in the crypto industry is shaky following the collapse of the exchange FTX. Several traditional banks that did business with digital companies have been left carrying the bag as deposits have declined and loans loaned by crypto firms have yet to be serviced. 

Do you think there are other ways to protect your cryptocurrencies from being hacked? Let us know your thoughts by sharing this article on social media.

Nov 24, 2022
Crypto News

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