Hackers steal more than $ 40 million worth of cryptocurrency from the owner of one of Asia’s largest blockchain companies

Shen Bo, founder of the Chinese blockchain giant Fenbushi Capital, said that he had become a victim of hackers. According to him, unknown cybercriminals stole digital assets worth more than $ 42 million from his cryptocurrency wallet. According to the entrepreneur, the vault contained various cryptocurrencies, but the lion’s share was USD Coin (USDC) worth $ 38 million. The investor said that the FBI is currently investigating the incident, as well as his personal lawyers, who are actively cooperating with law enforcement.

Cybersecurity experts from SlowMist said they conducted their own analysis of the situation and found out that Shen Bo used the Binance-pay-integrovana-v-trust-wallet/">popular Trust Wallet crypto wallet. The vulnerability discovered by the attacker is not a problem with the software’s reliability, but the fact that the code to the wallet, which the entrepreneur stored in his smartphone, was stolen.

Experts also noted that shortly before the hack, the stolen 38.1 million USDC were withdrawn by the businessman from the FTX US exchange. After the theft, the hacker exchanged the virtual assets for the DAI stablecoin on the Uniswap V3 trading platform.

BlockSec’s blockchain security team also analyzed the situation and stated that the victim lost 1.6 thousand Ethereum (ETH) and 38.23 million USDC. According to them, the hacker exchanged all the stablecoins for DAI and transferred them to another storage using the services of the ChangeNow exchanger.

As a reminder, Chainalysis recently announced that the number of stolen cryptocurrencies could reach a historical record by the end of 2022. The research bureau noted that this year may outpace 2021 in terms of the number of cryptocurrencies stolen as a result of hacker attacks. The experts concluded that the vast majority of this year’s exploits were aimed at the decentralized finance (DeFi) sector.