Fenbushi Co-Founder Offers Bounty to Recover $42M Stolen in 2022 Wallet Hack

Bo Shen, co-founder of venture capital firm Fenbushi Capital, has offered a 10%-20% bounty for the recovery of roughly $42 million in digital assets stolen from his personal wallet in a 2022 hack. Shen confirmed that onchain investigators ZachXBT and Taylor “Tayvano” Monahan have already helped freeze about $1.2 million in related assets. Rewards will be distributed once significant recovery milestones are achieved.

Stolen Assets and Investigation Details

The stolen funds include approximately $38.2 million in USDC, 1,607 ETH, nearly 720,000 USDT, and 4.13 BTC. The assets were moved across multiple exchanges, including ChangeNow and SideShift. Blockchain analytics firm SlowMist attributed the hack to a compromise of Shen’s mnemonic seed phrase, underscoring the vulnerability of personal wallets.

Advances in Tracing Technology

Shen highlighted that investigative tools in 2022 were limited, but improvements in AI-driven onchain forensics have enhanced the ability to track asset flows and identify transaction patterns across chains. He described the renewed effort as a potential test case for coordinated recovery efforts in crypto-related thefts.

Despite new leads and improved tracing methods, Shen cautioned that full recovery remains uncertain, reflecting the challenges inherent in addressing large-scale cryptocurrency hacks.

This initiative demonstrates the growing use of bounties and advanced blockchain analytics to recover stolen crypto assets and support long-term investigative efforts.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.