Fenbushi Founder Bo Shen Loses $42M in Stablecoins, Bitcoin, Ethereum to Hackers

-The importance of keeping your crypto safe: lessons from Bo Shen

As the founder of Fenbushi, one of the most well-known venture capital firms in the blockchain space, Bo Shen is no stranger to the world of cryptocurrency.

So it was a shock to the system when it was revealed that he had lost $42M worth of stablecoins, Bitcoin, and Ethereum to hackers.

This is a huge loss for anyone, but it’s especially troubling for someone like Shen who is supposed to be a thought leader in the space.

So what can we learn from Shen’s mistake?

Well, first and foremost, it’s important to keep your crypto safe. No matter how big or small your holdings are, you need to make sure that you have them stored in a secure wallet.

This is especially true for large sums of money. If you’re holding onto a large amount of crypto, it’s best to keep it in a cold storage wallet that is not connected to the internet.

Shen’s mistake was in trusting a third-party with his crypto. He stored his crypto on a platform called BlackWallet, which was then hacked.

While it’s convenient to use third-party services, it’s important to remember that they come with their own risks. When you entrust your crypto to someone else, you’re essentially putting your faith in their security measures.

And as we’ve seen time and time again, even the most well-protected exchanges and wallets can be vulnerable to attack.

So the lesson here is to be extra careful with your crypto, especially if you’re holding a large amount of it. Keep it in a secure wallet, and don’t entrust it to anyone else.

By following these simple steps, you can help protect your crypto from hackers and keep your money safe.

-How to protect your crypto from hackers: what Bo Shen should have done

First and foremost, you should never store your crypto on an exchange. Exchanges are constantly being hacked, and even the most secure ones are not immune. If you must use an exchange, make sure to only store the bare minimum amount needed and to withdraw your funds as soon as possible.

Secondly, you should always use a hardware wallet to store your crypto. Hardware wallets are the most secure way to store your crypto, as they are offline and not connected to the internet. This means that hackers cannot access your funds even if they were to hack your computer or device.

Lastly, you should keep your recovery phrase for your hardware wallet in a safe place. This is your backup in case you lose your hardware wallet or it is damaged. Make sure to keep it in a safe place that only you have access to, such as a safe or a locked drawer.

By following these simple tips, you can protect your crypto from hackers and keep your funds safe.

-The fall of Bo Shen: what went wrong

The story first broke on Twitter, where a user going by the name of @phatphuck tweeted out a link to a Google Doc that detailed the hack. The document claimed that Shen had been hacked on May 7th, and that the hackers had made off with 3,000 ETH, 300 BTC, and 1 million USDT.

This news sent shockwaves through the cryptocurrency community, as Shen is a well-respected figure in the space. He’s a founding partner at Fenbushi, one of the first and most successful blockchain VC firms. He’s also an early investor in Ethereum, and was one of the first to recognize its potential.

Shen has since confirmed the hack, and has stated that he is working with law enforcement to track down the hackers. In the meantime, he has advised all Fenbushi investors to take extra security precautions.

This is a developing story, and we will continue to update it as more information becomes available.

-Hackers hit Bo Shen hard: how they did it and how to prevent it

In December, hackers hit Fenbushi founder Bo Shen hard, stealing $42 million in stablecoins, Bitcoin, and Ethereum from his personal accounts.

How did they do it?

The hackers used a phishing attack to trick Shen into revealing his login credentials. Once they had access to his account, they transferred the funds out quickly.

How can you prevent this from happening to you?

Phishing attacks are becoming increasingly sophisticated, so it’s important to be vigilant about the emails and links you click on. If you’re not sure about the authenticity of an email or link, don’t click on it.

You should also enable two-factor authentication on all of your accounts. This adds an extra layer of security and makes it much harder for hackers to access your account, even if they do have your login credentials.

If you do fall victim to a phishing attack, act quickly. Contact your bank or cryptocurrency exchange immediately and let them know what happened. They may be able to help you recover your funds.

Bo Shen’s story is a reminder that we all need to be careful about the way we manage our online accounts and handle our login credentials. Be vigilant and take steps to protect yourself, and you can help prevent becoming the next victim of a phishing attack.

-A wake-up call for crypto investors: the Bo Shen hack

It’s been a tough few weeks for the crypto community. First, we had the news of the Coincheck hack, which saw over $500 million worth of NEM tokens stolen. And now, we have another high-profile hack to report, this time involving Fenbushi founder Bo Shen.

According to a report from Bitcoin.com, Shen lost a total of $42 million in Bitcoin, Ethereum, and various stablecoins to hackers. The report says that the funds were stolen from Shen’s personal wallet, which he had been using to store his crypto holdings.

This is a major loss for Shen, and it’s a wake-up call for all crypto investors. No matter how careful you are, there’s always a risk that your funds could be stolen by hackers. That’s why it’s important to diversify your holdings and never keep all of your eggs in one basket.

Shen is just the latest victim of a hack. In the past year, we’ve seen a number of high-profile hacks, including the Coincheck hack, the Parity hack, and the DAO hack. These hacks have taken billions of dollars worth of crypto out of circulation, and they’ve shaken the confidence of investors.

But despite the risk of hacks, I believe that crypto is still a good investment. The potential rewards still outweigh the risks, and I believe that the industry will continue to grow in the years to come.

By Evey Lovelace

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