Bo Shen, co-founder of Fenbushi Capital, has announced a public bounty tied to the recovery of roughly $42 million in cryptocurrency stolen from his personal wallet in November 2022. The reward ranges from 10% to 20% of any funds successfully recovered.
Shen first disclosed the theft on Nov. 23, 2022, about two weeks after the breach. The compromised wallet, ending in 894, held most of his personal digital assets. He said the stolen holdings were personal funds and did not affect any Fenbushi-related entity.
Wallet Breach Was Traced to Seed Phrase Exposure
The stolen assets included about $38.2 million in USDC, 1,607 ETH, roughly 720,000 USDT, and 4.13 BTC, along with smaller balances in UNI, REP, and LQTY. Security firms Slowmist and Beosin traced the compromise to a leaked mnemonic seed phrase, which gave the attacker direct control over the wallet.
In his original 2022 statement, Shen said that crypto assets worth $42 million were taken from his wallet during the early morning hours of Nov. 10 EST. At the time, the incident unfolded as the FTX collapse was dominating the market and drawing much of the attention of onchain investigators. Shen reported the case to law enforcement, including the FBI, and also retained legal counsel, but progress later stalled.
New Tracing Efforts Have Led to Frozen Assets
More than 1,200 days after the theft, Shen said improved blockchain analytics and AI tools have made the movement of the stolen funds much clearer. His team has collected additional clues and evidence related to where the assets moved after the initial drain.
According to Shen, the funds were routed through mixing services and then swapped into other tokens, with some flows ending in DAI. That layering made early tracing difficult. He now says cooperation across platforms has changed the situation. Onchain investigator ZachXBT and security researcher Tayvano have already helped freeze about $1.2 million in related assets. Shen said his team is working to formally claim those funds and will pay the applicable bounty without delay.
He also credited Chiachih Wu, the Bitrace Team, and the Slowmist Team for ongoing assistance. Under the bounty structure, any individual or organization that makes a material contribution to the recovery effort can qualify, including white-hat researchers and analytics firms.
Tips Can Be Submitted by Email
Shen posted the full announcement in Chinese on X and asked anyone with credible information to come forward. The contact address for submissions is shenbo.case@gmail.com. He said future case updates will be shared through his X account.
The case draws attention to a familiar weakness in self-custodied crypto holdings: seed phrase exposure. Even large and experienced holders can lose direct control of a wallet if recovery credentials are stored or transmitted insecurely.