Fenbushi Co-founder offers a reward to recover $42 million lost in the 2022 hack

Bo Shen, co-founder of Fenbushi Capital, announced a reward of 10% to 20% of the recovered assets’ value from the 2022 personal wallet hack, which caused him to lose approximately $42 million in digital assets.

According to the statement, any individual or organization that makes a significant contribution to asset recovery is eligible for a reward. Shen revealed that on-chain investigators ZachXBT and Taylor Monahan helped freeze about $1.2 million worth of related assets. The reward will be distributed after the recovery process is complete.

Shen first disclosed the incident in November 2022, when about $42 million in crypto assets were withdrawn from his personal wallet. He emphasized that these are personal assets and do not affect entities related to Fenbushi Capital.

Blockchain analysis firm SlowMist later identified the cause as a leak of the recovery seed phrase. The stolen assets included approximately $38.2 million USDC, 1,607 Ether, nearly 720,000 USDT, and 4.13 Bitcoin. These funds were subsequently moved through various platforms, including ChangeNOW and SideShift.

Shen said that restarting the investigation efforts is driven by new clues and a clearer picture of the asset flow. He also highlighted that advances in AI-based data analysis tools and on-chain investigations have significantly improved transaction tracking compared to 2022.

However, Shen warned that recovery remains uncertain, even with better technology and new information.