Fenbushi co-founder offers $42M bounty for stolen crypto
Investigators have seized about $1.2 million as efforts continue to trace the money missing from wallets linked to the clandestine deal.
Fenbushi Capital co-founder Bo Shen has offered a bounty of $42 million in 2022 to recover digital assets stolen from his personal wallet in a hack.
Shane said Thursday that he is offering a 10%-20% bonus on the proceeds to any individual or organization that makes significant contributions to reclaiming the properties. Shen said that onchain investigators ZackXBT and Taivano “Taivano” Monahan had previously helped freeze related assets to the tune of $1.2 million. He said his team will distribute prizes once the recovery is complete.
The reward, Shane said in November 2022, the first announced $42 million in crypto was withdrawn from his private wallet. He said at the time that the stolen funds were private and did not affect entities associated with Fenbushi.
Blockchain analytics company SlowMist later said the theft was caused by Shane Mnemonic's lineage agreement. Shen said the renewed push came after investigators developed new leads and a clearer picture of how the stolen property was being moved, although recovery remains uncertain.
According to SlowMist, the stolen assets include 1,607 Ether (ETH) in USDC (USDC), about 720,000 USDt (USDT) and 4.13 Bitcoin (BTC) worth about $38.2 million. These assets were later powered by Change, including ChangeNow and SideShift.
Shane said improved tracking devices have boosted recovery efforts.
In the year At the time of the hack in 2022, onchain tracking and security analysis tools were barely developed, limiting the ability to trace funds across chains and platforms, he said.
He said recent advances in artificial intelligence-driven data analysis and onchain forensics have improved investigators' ability to follow asset flows and identify related trading patterns.
Related: Hacked crypto tokens lose 61% on average and rarely recover, says Immunefi report
Shen said the effort could serve as a test case for how new tools and coordination methods can support long-term investigations. The case, he said, shows how technological advances are expanding what's possible in detecting and responding to crypto-related incidents.
However, even with better detection equipment and fresh leads, any recovery is far from certain.
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