- SlowMist said hackers had stolen Shen’s wallet seed code.
- The investor was reportedly utilizing the non-custodial Trust Wallet.
Shen claims that on November 10, criminals made off with $38 million worth of the USDC stablecoin. The stolen funds, he clarified, are just personal money and have no bearing on any businesses owned by Fenbushi. According to his LinkedIn profile, Shen is a local of the Greater Atlanta Area and he has reported the event to the police there, as well as the FBI and attorneys.
“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.”
Not the First Time
Furthermore, the Fenbushi founder did not provide any more information, but blockchain Security Company SlowMist said an investigation they conducted proved that hackers had stolen Shen’s wallet seed code.
The investor was reportedly utilizing the non-custodial Trust Wallet, but “Trust Wallet itself has no security issues related to this theft,” as stated by the security experts. The majority of Shen’s Ethereum (ETH), Tron (TRX), and Bitcoin (BTC) were transmitted to the cryptocurrency exchange platform ChangeNOW, according to the addresses SlowMist supplied.
Moreover, it’s worth noting that this isn’t the first time hackers have gained access to Shen. In 2016, hackers stole roughly $300,000 worth of Augur (REP) and an unspecified quantity of ETH from Shen’s wallets after gaining access to his mobile phone and email using social engineering tactics.