Three years later, Bo Shen has opened a recovery hunt, inviting anyone to help trace stolen funds.
Bo Shen, co-founder of Fenbushi Capital, has renewed efforts to recover roughly $42 million in digital assets stolen from his personal wallet in a November 2022 hack. This time, he is using a public appeal to mobilize the broader crypto community.
At that time, blockchain security firm Beosin confirmed the incident and said the breach likely stemmed from a private key compromise, which allowed the attacker to gain control of the wallet and transfer all funds to two Ethereum addresses.
Open Bounty for Missing Crypto
In a detailed statement on X, Shen revealed that continuous tracking over nearly three years has led to clearer insights into how the stolen funds moved across the blockchain, as investigators gradually pieced together critical evidence. Building on this progress, he announced a bounty program of 10%-20% of any successfully recovered funds to individuals or organizations that make meaningful contributions to the recovery effort, regardless of their background or affiliation.
Shen said that tools such as AI-driven data analysis and advanced on-chain forensics have evolved rapidly, enabling a level of tracing and coordination that was previously difficult to achieve. Interestingly, prominent on-chain investigator ZachXBT and security expert Taylor Monahan have already played a role in freezing approximately $1.2 million worth of related crypto assets.
The Fenbushi exec said his team is working to recover those funds and will distribute rewards after the recovery process is completed. He also acknowledged assistance from other security teams, including SlowMist, along with individuals who responded early to the incident. The bounty is open to anyone regardless of background, as long as they provide useful information or technical support that leads to asset recovery.
“The power of one person is ultimately limited, but the collaboration and persistence of the community can slowly turn many things that once seemed impossible into reality. Precisely because of this, we are even more convinced that good will prevail over evil. Under new technological conditions, many things that once seemed difficult are gradually becoming possible to advance and resolve.”
Targeting Private Keys
Nominis recently reported that private key theft is becoming a central attack vector in crypto breaches. A February exploit targeting Step Finance was traced to compromised devices used by its team, which may have led to leaked keys or unauthorized access approvals.
Following this, attackers withdrew over 261,000 SOL from project-controlled wallets, as losses reached up to $40 million.
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