Famous Chinese venture capitalist Bo Shen disclosed that a hack from his personal wallet cost him $42 million in cryptocurrency.
Bo Shen, a founding partner of Fenbushi Capital, said that the hack of different crypto assets was valued at $42 million from his private crypto wallet.
About $38 million worth of the tokens were purchased with the stablecoin USDC. According to on-chain data from the wallet, the remaining stolen assets included tokens for USDT, UNI, REP, and LQTY.
Beosin, a blockchain security company, verified the vulnerability occurred and that it was probably caused by a private key compromise.
After gaining unauthorized access to the wallet, the hacker transferred all of its assets to two Ethereum addresses they controlled, Beosin continued.
Shen said he informed the appropriate law enforcement authorities about the exploit. He clarified that the stolen property was personal money, distinct from Fenbushi and its affiliated companies.
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