- Venture capitalist Bo Shen is offering a 10-20% bounty for help recovering $42 million stolen from his personal wallet in a 2022 hack.
- About $1.2 million in related assets has been frozen by investigators as tracing efforts continue.
- The breach was caused by a seed phrase compromise, according to analysis from SlowMist.
- Improved Artificial Intelligence and blockchain forensics tools are now enabling new leads in the long-running case.
Bo Shen, co-founder of Fenbushi Capital, announced a substantial bounty in late May 2024 to recover roughly $42 million stolen from his personal wallet nearly two years prior. He publicly offered a 10%-20% reward to anyone contributing to the asset recovery. Investigators ZachXBT and Taylor Monahan have already helped freeze approximately $1.2 million in related funds.
The theft, first disclosed in November 2022, was attributed to a compromised mnemonic seed phrase. Shen emphasized the stolen assets were personal and unrelated to his venture capital firm. Consequently, the stolen portfolio included $38.2 million in USDC and a significant amount of other cryptocurrencies like Ether and Bitcoin.
Blockchain analytics firm SlowMist reported these assets were later moved through various exchanges. However, recovery efforts at the time were hampered by less-developed onchain tracking tools. Shen noted that recent advances in artificial intelligence-driven analysis have improved investigators’ capabilities.
These technological improvements have provided a clearer picture of how the stolen assets moved. Meanwhile, the renewed push serves as a test case for modern investigation coordination methods. Shen’s team will distribute rewards only after the recovery process is complete.
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