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Early Crypto Investor Says He Lost $42 Million in Wallet Hack

Nov. 23, 2022, 5:21 PM

Bo Shen, the general partner at Fenbushi Capital, a blockchain-focused venture capital firm started in Shanghai that was among the earliest investors in cryptocurrencies, said he lost about $42 million through a hack of his personal digital wallet.

The cryptocurrencies stolen include USD Coin, Tether, Ether and Bitcoin, according to blockchain security firm SlowMist, as a result of the compromise of the wallet’s recovery phrase. The recover phrase of a crypto wallet allows the wallet owner to recover the wallet in the event that the wallet is misplaced or damaged.

Shen used Trust Wallet, which was acquired by crypto ...