Bo Shen Launches Bounty for $42M Stolen Crypto

Bo Shen, cofounder of the cryptocurrency venture firm Fenbushi Capital, has launched a public bounty program offering 10 to 20 percent of any recovered funds to help retrieve approximately $42 million in digital assets stolen from his personal wallet in a 2022 hack. The announcement, made on March 26, revives one of the largest known individual cryptocurrency theft cases, leveraging recent advances in blockchain forensics to trace the dispersed funds.

The breach occurred on November 10, 2022, when hackers compromised the mnemonic seed phrase of Shen's Trust Wallet, a popular mobile cryptocurrency storage application. According to blockchain security firm SlowMist, the attackers drained about $38.2 million in USD Coin (USDC), 1,607 Ether (ETH), nearly 720,000 Tether (USDT), and 4.13 Bitcoin (BTC). Shen has emphasized that the stolen assets were entirely personal and had no connection to Fenbushi Capital's operations or client funds.

Following the theft, the assets were quickly moved across multiple blockchains and platforms, including the exchanges ChangeNow and SideShift, which employed mixing techniques and cross-chain transfers to obscure their trail. These actions initially...