Bo Shen reopens $42M crypto hack cxase with recovery bounty

Bo Shen has reopened efforts to recover about $42 million in crypto stolen from his personal wallet in 2022.

Summary

• Bo Shen offered a recovery bounty after reopening efforts tied to his 2022 personal wallet hack.
• Investigators already helped freeze about $1.2 million connected to the stolen crypto, Shen said publicly.
• Shen said better tracing tools and fresh leads have revived recovery efforts, though uncertainty remains.

The Fenbushi Capital co-founder now offers a bounty to people or groups that help recover the assets, as investigators revisit the case with newer tracing tools and fresh leads.

Bo Shen said he will pay a bounty worth 10% to 20% of any recovered funds. He said the reward will go to any individual or organization that makes a material contribution to the recovery effort.

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He also said onchain investigators ZachXBT and Taylor “Tayvano” Monahan have already helped freeze about $1.2 million linked to the stolen assets. Shen said his team will distribute rewards after the recovery process is complete.

2022 wallet hack returns to focus

The new bounty brings attention back to a case Shen first disclosed in November 2022. At that time, he said attackers drained about $42 million in digital assets from his personal wallet.

Shen said the stolen funds were personal assets and did not affect Fenbushi Capital or related entities. That distinction remains central to the case, as the renewed recovery effort focuses on assets taken from a private wallet rather than company-controlled funds.

Furthermore, blockchain security firm SlowMist later said the theft happened after someone compromised Shen’s mnemonic seed phrase. The firm said the stolen assets included about $38.2 million in USDC, 1,607 Ether, nearly 720,000 USDT, and 4.13 Bitcoin.

According to the case details, the stolen funds later moved through services and exchanges that included ChangeNow and SideShift. These transfers made the recovery effort harder, especially during the early stage of the investigation, when cross-chain tracking tools were still less developed.

New tools give investigators another chance

Shen said tracing tools in 2022 could not fully support a case of this scale and complexity. He said that limit reduced the ability of investigators to follow asset movements across different chains and platforms.

He now says recent progress in artificial intelligence-based analysis and onchain forensics has improved that process. Shen said investigators now have “new leads” and a “clearer picture” of how the funds moved after the hack.

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