Bo Shen: Fenbushi Co-Founder Pushes Recovery Effort With Bounty After Massive 2022 Crypto Wallet Breach

TL;DR:

• Fenbushi Capital co-founder Bo Shen offered a reward of between 10% and 20% to recover the $42 million stolen in 2022.
• Onchain investigators have already managed to freeze approximately $1.2 million in assets linked to the hack of his personal wallet.
• The theft was caused by a leak of the mnemonic seed phrase of his wallet.

Bo Shen, co-founder of venture capital firm Fenbushi Capital, announced the launch of a bounty to recover approximately $42 million in digital assets stolen from his personal wallet in a hack that occurred in 2022. The offer contemplates a payment of between 10% and 20% of the recovered amount to any individual or organization that makes a substantial contribution to the recovery process.

Shen indicated that onchain investigators ZachXBT and Taylor “Tayvano” Monahan have already managed to freeze approximately $1.2 million in assets related to the hack. According to the co-founder, the bounty funds will be distributed once the recovery process is completed.

The case had originally been revealed in November 2022, when Shen reported that approximately $42 million in cryptocurrencies had been drained from his wallet. At the time, he clarified that the compromised funds were personal and that the incident did not affect any of the entities related to Fenbushi.

New Leads in the Case

Blockchain analytics firm SlowMist determined that the theft was caused by a leak of Shen’s mnemonic seed phrase. The stolen assets included approximately $38.2 million in USDC, 1,607 ETH, around 720,000 USDT and 4.13 BTC. Those funds were subsequently moved through exchanges such as ChangeNow and SideShift.

Shen explained that the initiative was reactivated because investigators found new leads and managed to build a clearer picture of the movement of the stolen assets. He noted that, in 2022, onchain tracking and security research tools were less advanced, which limited the ability to follow funds across different chains and platforms.

Shen Remains Hopeful and Trusts in Technological Advances

According to the co-founder, recent advances in artificial intelligence-driven data analysis and onchain forensic studies significantly improved the ability of investigators to track asset flows and identify transaction patterns.

He also argued that the case could serve as a precedent for how more modern tools and coordination methods can support long-running investigations. However, he acknowledged that the possibility of recovering the totality of the assets remains uncertain, even with better technical resources and new leads available.