Fenbushi co-founder offers up to 20 percent bounty to recover $42Mn in stolen crypto

Bo Shen, co-founder of Fenbushi Capital, has announced a public bounty program to recover the stolen digital assets worth approximately $42 million taken from his own wallet three years ago.

In a post on X, Shen stated that he is now offering a bounty of 10-20% of the recovered assets. He said the reward will go to any person or group that makes a meaningful contribution to tracing, freezing, or returning the same.

Hackers steal $42M from Shen’s personal crypto wallet using the seed phrase

The case goes back to November 2022, when Bo Shen said hackers gained access to his private crypto wallet on 10 November and stole about $42 million in digital assets. At the time, Shen said the stolen assets were personal and had no link to Fenbushi Capital or any related entity. 

Later, blockchain analytics company SlowMist confirmed that the hacker had compromised Shen’s mnemonic seed phrase, which allowed access to his wallet. The attacker then stole about $38.2 million in USD Coin, 1,607 Ether, nearly 720,000 Tether, and 4.13 Bitcoin. SlowMist added that the attacker later moved the stolen assets through exchanges, including ChangeNOW and SideShift.

Shen said that the investigators have continued to work on the case for the last three years. He further said that they have now obtained new leads and have traced how the hacker has stolen and laundered the virtual currency.

However, there is no guarantee that any money can be recovered. Hence, Shen Fenbushi, co-founder, has decided to bring this process to the public and offer a reward for anyone who can assist in the process.

Shen highlights community’s role in tracing stolen funds

Shen thanked onchain investigators, security teams, and other contributors for acting quickly after the theft. He said their support helped advance the investigation.

He added that ZachXBT and Taylor Monahan helped freeze about $1.2 million linked to the stolen assets, and the team is now working to recover that amount. Shen said he will pay the promised rewards after the recovery process is complete.

He also said the case shows how community support, teamwork, and better technology can help trace stolen funds and improve the chances of recovery. “One person’s strength is ultimately limited, but the collaboration and perseverance of the community can gradually make many things that were originally impossible possible,” he added.

Fenbushi co-founder says advanced tools make crypto recovery more effective today

Shen said the case also highlights how much blockchain investigation tools have improved since the hack happened three years ago. He noted that onchain tracing, security investigations, and cross-platform collaboration are now far more advanced, with AI-driven data analysis helping teams work more effectively.

He added that the “significance of this event goes beyond simply recovering an asset. It aims to provide a concrete entry point, opening up a real problem to the community and allowing more individuals and teams to collaborate and contribute their capabilities.”

Shen also said every crisis can create an opportunity, but only if people use the best tools available to tackle real and important problems.