Bo Shen is the founding personality behind Fenbushi Capital. The company has recently reported that its official digital wallet was hacked and subjected to theft. The estimated value of the stolen cryptocurrency is estimated somewhere around $42 million. The portfolio was based on a wide array of crypto assets.
As per the official report, the majority of the token reserve was present in the form of $38 million USDC tokens.
On the other hand, the remaining crypto portfolio was made up of tokens such as USDT, Uniswap, Reputation token, and LQTY token. The statistics have also been confirmed by on-chain data issued from the hacked wallet.
Shen Reveals Details of the Hack
Shen has informed Twitter netizens about the hack and its details in the latest tweet. He claimed that around 42 million USD worth of cryptocurrencies were stolen.
He has also informed Twitter users that the hack has been reported to law enforcement agencies. He has made it clear that the stolen wallet contained personal funds only.
He has claimed that the funds of Fenbushi and its related entities were not harmed during the incident.
Reflecting on the matter, blockchain security firm Beosin has reported that the hack was the result of a private key compromise.
The hackers were able to gain access to the private key and managed to drain the funds out of the two Ethereum addresses in the wallet.
Fenbushi Capital is a cryptocurrency venture capital enterprise operating out of Asia. The firm was founded in 2015 in Shanghai. This is another shocking development for the DeFi sector, which is already affected by the collapse of FTX. The cryptocurrency sector is currently under pressure.
At the time, Binance CEO CZ also shared and later deleted a controversial tweet about Grayscale and Coinbase. However, crypto proponents like Robert Kiyosaki, Elon Musk, Edward Snowden, and Mike Novogratz have claimed that Bitcoin would be able to survive the current bear market.
However, the experts have projected a long-term recovery with an implication for the disappearance of smaller crypto projects.