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Fenbushi Capital’s co-founder Bo Shen offers a 10-20% reward for a hack in 2022.
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Shen has stressed that the stolen money is personal and does not belong to Fenbushi.
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On-chain sleuths such as ZachXBT helped to freeze approximately $1.2 million in stolen funds.
Bo Shen, co-founder of Fenbushi Capital, is bringing a long-cold crypto-hack case back to life. He’s offering a 10-20% reward for the return of the approximately $42 million that was stolen from his wallet in 2022. He announced this on X and invited users to contact him if anyone has valuable information.
The original exploit dates to November 2022 when attackers compromised Shen’s seed phrase. This is basically the masterkey to a cryptocurrency wallet. Once inside, the attacker removed a variety of Shen’s assets, including approximately $38,2 million in USDC and over 1,600 ETH. He also removed about 720,000 USDT as well as a small amount Bitcoin.
The funds were then shuffled via cross-chain exchanges and swap services making them difficult to trace. Shen has always insisted that the stolen funds were not part of Fenbushi Capital and were personal.
Why the case is being reopened now
Shen says that blockchain investigation tools have advanced significantly since 2022. Investigators use AI-powered tools on-chain and improved cross-chain trackers today. There is also better coordination now between independent investigators than before.
Related: DeFi Hacks Top $137M by Early 2026 as security failures mount
The case illustrates how AI-powered forensics is now a key tool for tracking illicit money. This was not possible at the time of hacking. These advances have already led some progress. Shen said that on-chain sleuths such as ZachXBT had helped freeze $1.2 million in stolen funds.
The co-founder of Fenbushi says that there are now new leads and a better picture of where the funds went. Offering a bounty at this point makes sense. The bounty is simple: 10 to 20 percent of any recovered funds are available to individuals or groups. Payments are based on the amount of help provided.
This is similar to the white-hat model, where victims pay researchers or hackers to help recover stolen money.
Bo Shen’s trial will be a good test of the evolution of crypto-security, even though the outcome is uncertain.
RelatedResolv offers 10% Bounty in 72 hours to return $25 Million Stolen funds
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