Chinese VC loses $42M in crypto due to compromised mnemonic seed phrase

Chinese VC loses $42M in crypto due to compromised mnemonic seed phrase


According to a new twitter post on Nov. 23, Bo Shen, general partner of the Vitalik Buterin-advised venture capital fund Fenbushi Capital, claime that $42 million worth of funds were drained from his Trust Wallet on Nov. 10. Shen, who grew up in China but now lives in Atlanta, says that the funds were his personal assets and the exploit does not affect Fenbushi-related entities.

“The incident has been reported to the local law enforcement. FBI and lawyers both have been involved. Civilization and justice will eventually prevail over barbarism and evil. This is the iron law of human society. It’s just a matter of time.”

Later today, blockchain analytics firm SlowMist confirmed the exploit and stated the reason for theft being “mnemonic words compromise.” The firm

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