Hackers Steal $42 Million of Crypto Assets

H

ackers have broken into a blockchain venture capitalist's digital wallet and stolen around $42 million worth of cryptocurrency.

Bo Shen took to Twitter to share the news of a theft from his personal crypto wallet. The theft occurred on November 10, and Shen stressed that no company assets were involved.

“A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet,” Shen wrote, noting that he had already alerted local police of the incident and saying the FBI was involved as well.

The blockchain security firm SlowMist shared additional information about the theft on Twitter, revealing that the mnemonic words had been compromised.

In a Twitter thread, the security firm said that the Trust Wallet- a popular mobile wallet supporting numerous cryptoassets was used. In 2018, after being acquired by Binance, Trust Wallet is now owned by the exchange.

In total, 38.2 million USDC, 1,607 ETH, 719,760 USDT and 4.13 BTC have disappeared from the affected Bo Shen's wallet according to SlowMist's tweet.

Jonathan

An editor at Coincrop

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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.