Chinese VC loses $42M in crypto as a result of compromised mnemonic seed phrase

Bo Shen beforehand suffered one other devastating hack to his private pockets in 2016.

Chinese VC loses $42M in crypto due to compromised mnemonic seed phrase

According to a brand new twitter submit on Nov. 23, Bo Shen, common associate of the Vitalik Buterin-advised enterprise capital fund Fenbushi Capital, claime that $42 million price of funds have been drained from his Trust Wallet on Nov. 10. Shen, who grew up in China however now lives in Atlanta, says that the funds have been his private belongings and the exploit doesn’t have an effect on Fenbushi-related entities.

“The incident has been reported to the local law enforcement. FBI and lawyers both have been involved. Civilization and justice will eventually prevail over barbarism and evil. This is the iron law of human society. It’s just a matter of time.”

Later right now, blockchain analytics agency SlowMist confirmed the exploit and acknowledged the explanation for theft being “mnemonic words compromise.” The agency additionally disclosed {that a} mixture of addresses belonging to Shen was drained of 38,233,180 USD Coin (USDC), 1,607 Ether (ETH), 719,760 Tether (USDT), and 4.13 Bitcoin (BTC). The stolen funds have been later deposited to exchanges ChangeNow and SideShift.

“In addition, we have verified during our investigation that @boshen1011’s Trust Wallet is the official version and not a fake wallet. Trust Wallet itself has no security issues related to this theft.”

On Twitter, Shen thanked customers for his or her supportive feedback and reiterated his “commitment to blockchain technology and decentralized services.” The final recorded hack of Bo Shen’s wallets passed off on Dec. 8, 2016, after hackers gained unauthorized entry to a database backup from discussion Shen, an early investor in Ethereum and Augur, had each tokens drained from his wallets, which have been despatched to an immediate alternate service on Poloniex. A portion of the funds has since been recovered.

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