In a renewed effort to recover assets from a 2022 hack, venture capital co-founder Bo Shen has announced a bounty, offering 10%-20% of any recovered funds. Onchain investigators have already frozen approximately $1.2 million linked to the incident. The breach, which resulted in a loss of about $42 million from Shen’s personal wallet, was attributed to a compromised seed phrase, with stolen assets including major cryptocurrencies like USDC and Ether.
Bo Shen, co-founder of Fenbushi Capital, is offering a 10%-20% bounty for the recovery of about $42 million stolen from his personal wallet. He said the reward is for any individual or organization making a substantial contribution.
Investigators ZachXBT and Taylor “Tayvano” Monahan have already helped freeze roughly $1.2 million in related assets. Shen stated his team would distribute rewards once the recovery is finalized.
The case was first disclosed in November 2022, with Shen confirming the stolen funds were personal. The incident did not affect Fenbushi Capital-related entities.
Blockchain analytics firm SlowMist said the theft was caused by a compromise of Shen’s mnemonic seed phrase. The stolen assets included approximately $38.2 million in USDC, over 1,600 Ether, nearly $720,000 in USDT, and 4.13 Bitcoin.
These assets were later moved through exchanges including ChangeNow and SideShift. Shen noted that onchain tracking tools were less developed when the hack occurred, limiting initial tracing efforts.
He said recent advances in AI-driven data analysis and onchain forensics have improved the ability to follow asset flows. “The effort could also serve as a test case for how newer tools and coordination methods can support long-running investigations,” Shen stated.
The renewed push follows investigators developing new leads and a clearer picture of the stolen assets’ movement. However, any recovery remains uncertain despite better tracing tools.
