Bo Shen, co-founder of venture firm Fenbushi Capital, has renewed his push to recover assets stolen from his personal wallet in November 2022, offering a bounty worth 10% to 20% of any funds successfully retrieved. The new effort comes alongside a fresh on-chain investigation that has already resulted in roughly $1.2 million in related assets being frozen.
The structure of the bounty is designed to reward people or organizations whose work meaningfully advances the recovery effort. Compensation will scale with the value of the recovered assets and the importance of the contribution, turning the campaign into a more formal incentive system rather than a general appeal for help.
In November 2022, my personal wallet was compromised, resulting in a loss of approximately $42 million.
Three years have passed. The investigation has never stopped. Our team has continued to gather critical evidence and leads. The flow of the stolen assets is becoming…
— Bo Shen (@boshen1011) March 26, 2026
The stolen portfolio was broad and heavily weighted toward stablecoins
The assets taken from Shen’s wallet reflected a diversified but high-value crypto portfolio. The largest single exposure was in USDC, though the stolen funds also included substantial holdings in ether, USDT and bitcoin. The stolen assets included about $38.2 million in USDC, 1,607 ETH, nearly 720,000 USDT and around 4.13 BTC.
That mix helps explain why the case has remained difficult to unwind over time. The stolen funds were not concentrated in a single token or pathway, which gave the attackers more room to move value across services and obscure the trail.
Investigators have traced parts of the stolen flow through privacy-oriented services and exchange-like on-ramps, including ChangeNow and SideShift. They also identified conversions from USDC into DAI, a step that added another layer of obfuscation to the laundering path. Those movements complicated recovery efforts in the immediate aftermath of the theft, when tracing tools were less advanced than they are today.
The renewed campaign is relying on stronger on-chain intelligence than was widely available in 2022. AI-driven forensic tools are now being used to follow more complex, multi-chain movements, improving the chances of identifying funds even after they have been routed through several layers of conversion and transfer.
That upgraded capability has already produced a measurable result. Roughly $1.2 million of the stolen assets has been frozen, showing that meaningful intervention is still possible years after the original compromise.
The case also reflects a broader shift in crypto recovery tactics
Shen’s bounty highlights how private incentives are increasingly being used alongside formal legal channels and exchange-based recovery mechanisms. For large holders and institutional treasuries, the case is a reminder that a single wallet compromise can create lasting exposure, and that recovery may depend as much on forensic partnerships as on law enforcement alone.
Even so, the path to a full recovery remains uncertain. Cross-border tracing, multiple intermediary services and jurisdictional limits continue to make large-scale repatriation difficult, even when some assets can still be frozen. The next stage will depend on whether investigators can turn existing leads into additional seizures or negotiated returns.
For now, the bounty changes the incentives around the case. By pairing private capital with stronger forensic tools, Shen has improved the odds of further recoveries, even if reclaiming the full $42 million remains a far more difficult objective.