TL;DR:
- Fenbushi Capital co-founder Bo Shen offered a reward of between 10% and 20% to recover the $42 million stolen in 2022.
- Onchain investigators have already managed to freeze approximately $1.2 million in assets linked to the hack of his personal wallet.
- The theft was caused by a leak of the mnemonic seed phrase of his wallet.
Bo Shen, co-founder of venture capital firmĀ Fenbushi Capital,Ā announced the launch of aĀ bountyĀ to recover approximately $42 millionĀ in digital assets stolen from his personal wallet in a hack that occurred in 2022. The offer contemplates a payment ofĀ between 10% and 20% of the recovered amountĀ to any individual or organization that makes a substantial contribution to the recovery process.
Shen indicated that onchain investigatorsĀ ZachXBT and Taylor “Tayvano” MonahanĀ have already managed toĀ freeze approximately $1.2 millionĀ in assets related to the hack. According to the co-founder, the bounty funds will be distributed once the recovery process is completed.
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— Bo Shen (@boshen1011) March 26, 2026
The case had originally been revealed in November 2022, when Shen reported that approximately $42 million in cryptocurrencies had been drained from his wallet. At the time, he clarified thatĀ the compromised funds were personal and that the incident did not affect any of the entities related to Fenbushi.
New Leads in the Case
Blockchain analytics firmĀ SlowMistĀ determined that the theft was caused byĀ a leak of Shen’s mnemonic seed phrase. The stolen assets included approximatelyĀ $38.2 million in USDC, 1,607 ETH, around 720,000 USDT and 4.13 BTC.Ā Those funds were subsequently moved through exchanges such asĀ ChangeNow and SideShift.
Shen explained that the initiative was reactivated because investigatorsĀ found new leads and managed to build a clearer picture of the movement of the stolen assets. He noted that, in 2022, onchain tracking and security research tools were less advanced, which limited the ability to follow funds across different chains and platforms.
Shen Remains Hopeful and Trusts in Technological Advances
According to the co-founder, recent advances in artificial intelligence-driven data analysis and onchain forensic studiesĀ significantly improvedĀ theĀ ability of investigators to track asset flows and identifyĀ transactionĀ patterns.
He also argued that the case could serve as a precedent for how more modern tools and coordination methods canĀ support long-running investigations. However, he acknowledged that the possibility of recovering the totality of the assets remains uncertain, even with better technical resources and new leads available.
