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Hackers steal $42 million from Trust Wallet

Millions of dollars were stolen from venture-capital founder Bo Shen after the seed phrase of his Trust Wallet was hacked.

By Finst News
• 2 min read
Hackers steal $42 million from Trust Wallet

Millions of dollars were stolen from venture-capital founder Bo Shen after the seed phrase of his Trust Wallet was hacked.

Hackers have stolen a total of $42 million from Bo Shen, founder of venture capitalist Fenbushi Capital, from his own crypto wallet. Shen View post on X on Twitter said the theft occurred on November 10, but he assured that no Fenbushi-related entities were involved.

The crypto company, founded in 2015, is the first and most active blockchain-focused venture capital firm in Asia. Security firm SlowMist posted View post on X about the incident and said it is "working on an investigation into this theft." Both the FBI and several lawyers are already involved, it adds.

During the investigation SlowMist revealed that Shen's Trust Wallet mnemonics had been compromised. The mnemonic phrase, also known as the seed phrase, is a list of words that contains all the information needed to recover wallets. After the FTX crisis, the Trust Wallet Token (TWT) benefited strongly from the uncertainty in the crypto space.

Read also: Trust Wallet adds Binance and Coinbase Pay

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