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Hackers steal $42M from Fenbushi Capital founder’s wallet

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Hackers steal $42M from Fenbushi Capital founder’s wallet

Hackers steal $42M from Fenbushi Capital founder’s wallet Oluwapelumi Adejumo · 5 hours ago · 1 min read

Blockchain security firm Beosin said the hack was caused by a private key compromise.

1 min read

Updated: November 23, 2022 at 8:02 pm

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Cover art/illustration via CryptoSlate

General partner at Fenbushi capital Bo Shen tweeted on Nov. 23 that malicious players stole $42 million from his personal wallet on Nov. 10.

A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet ending in 894 in the early morning of November 10 EST.

The stolen assets are personal funds and do not affect on Fenbushi related entities.

— Bo Shen (@boshen1011) November 23, 2022

Shen revealed that most of the stolen crypto was $38 million in USDC. Several blockchain security firms revealed that the other stolen assets included Tether (USDT), Bitcoin (BTC), and Ethereum (ETH).

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Shen reiterated that the stolen assets were his “personal funds” and had no effect on Fenbushi or related entities.

Blockchain security firm Beosin confirmed the incident. According to the firm, the hack was caused by a private key compromise.

Another blockchain security firm SlowMist said Shen’s Trust Wallet was compromised. SlowMist added that it verified that the wallet was the official version.

3/
-> 4.13 $BTC + 100,000 $USDT were deposited to @ChangeNOW_io
-> 152,673.3397 USDT was deposited to @ChangeNOW_io
-> 200 DAI + 386,126 USDT were deposited to @sideshiftai pic.twitter.com/HUy0rPYM1i

— SlowMist (@SlowMist_Team) November 23, 2022

SlowMist noted that some of the stolen funds had been deposited to ChangeNow.

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Shen has reported the hack to law enforcement agencies. He said both the FBI and his lawyers were already involved.

“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.”

Shen hopes his case teaches security protection

The founder of the Asia-based blockchain-focused venture capital said he hopes his case will teach new and old users to do a “good job in security management.”

安全保护:全球数字化是大势所趋,早期行业乱象丛生,必须与那些:挪用用户资金的,偷币的,盗号诈骗的 零容忍。区块链技术驱动的健康发展需要朗朗天空的净土。 作为一员老兵,公开自己的被盗事件,是希望新老用户做好安全管理。 警钟长鸣!

— Bo Shen (@boshen1011) November 23, 2022

According to Shen, one of the early industry issues that must be dealt with included “misappropriating user funds, stealing coins, and zero tolerance for fraudulent account theft.”

He added that the hack would not dissuade him from supporting the blockchain industry.

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我初心不变,一如既往支持区块链技术驱动的去中心化的协议层创业与创新, 和应用层面的百花齐放并拥抱监管。坚定不移地参与创造社会价值,为行业的长期健康作贡献。

— Bo Shen (@boshen1011) November 23, 2022

Featured

FTX Exploiter ups the ante with 200K ETH move

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FTX Exploiter ups the ante with 200K ETH move

FTX Exploiter ups the ante with 200K ETH move Josh O’Sullivan · 2 hours ago · 2 min read

FTX Exploiter began moving ETH again as 195,000 ETH leaves the hackers’ main wallet with 15,000 of the total bridged to renBTC.

2 min read

Updated: November 21, 2022 at 6:16 pm

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Cover art/illustration via CryptoSlate

Following on from the movement of 50,000 Ethereum (ETH) on Nov. 20, the FTX Exploiter wallet has moved a total of 195,000 ETH via 13 transactions through Nov. 2.

🚨 BREAKING🚨

FTX “HACKER” JUST MOVED 200,000 ETHEREUM FROM HIS WALLET pic.twitter.com/5sCOifoXHU

— GURGAVIN (@gurgavin) November 21, 2022

Unlike the ETH outflow of Nov. 20, the 195,000 ETH has been shifted in 13 transactions of 15,000 ETH to 13 separate new wallets.

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Of the 13 new wallet addresses, the hacker has left 15,000 ETH in each of the new wallets bar one. In the first of the 13 transactions, the receiving account has bridged the ETH to renBTC — as seen on Nov. 20th.

Keeping Track

To help keep track of the recent ETH movement, we have listed the 13 new wallet addresses below:

  • 1: 0x8059c2B8fF915eC4B615c95e719861f269d68aDa (ETH bridged to BTC)
  • 2: 0x9B10ca213be20b8Bc2a398839Edd1F6406dc9B47
  • 3: 0xA122d2D3D147732e2b5Cce7d43A8c20e99C569F1
  • 4: 0x5ab55afcbFde83e0b3fBeff67Ed0dA73Ba7b629C
  •  5: 0xD53C2e2D17281487023C1e4433F7aC95B88D7277
  • 6: 0x7F3DeBBA84491401bD4fE51C1A1926B049189D57
  • 7: 0x3E957EfC6D1BF1d9141212269cD04855Ad92696e
  • 8: 0x52DA49C343dF2D1880Ec79Df9C89a962afC8691d
  • 9: 0x99072E1422377d808d5599A78Aa7e772B988C0FB
  • 10: 0x44B53564B95530A0bC708900089E685EEF12fA6E
  • 11: 0xd11fD269ac6b602e42AbB6F0F186cD5B27180ffD
  • 12: 0xC0C847B14965df7e7EaA003eA987C6187211d85f
  • 13: 0x11133Bcf0EcbE48e74A4D787Bb047AA5Bc2C5Cab

To keep track of the stolen Bitcoin (BTC), VP of research at TheBlock, Larry Cermak, has created a list of the 22 wallets holding the stolen $7.2 million in BTC.

As you probably already know, FTX hacker has been swapping from ETH to renBTC and then exiting to on-chain BTC (presumably because it’s easier to obfuscate)

These are all the addresses where the stolen BTC sits at the moment. So far it’s about $72.7M spread across 22 wallets. pic.twitter.com/StXSb0qcFv

— Larry Cermak 🫡 (@lawmaster) November 21, 2022

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DeFi

Ren Bridge announces open source community led Ren 2.0 in response to Alameda fallout

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Ren Bridge announces open source community led Ren 2.0 in response to Alameda fallout

Ren Bridge announces open source community led Ren 2.0 in response to Alameda fallout Josh O’Sullivan · 1 hour ago · 1 min read

Ren Protocol is set to launch Ren 2.0 and establish fully-decentralized and community-owned cross chain network in light of Alameda fallout.

1 min read

Updated: November 21, 2022 at 12:30 am

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Cover art/illustration via CryptoSlate

The Ren Bridge project announced in its ‘Ren Community’ Medium blog on Nov. 18 the ways in which it plans to move forward with Alameda Research.

Following the acquisition by Alameda early last year as part of “a partnership with the previous Ren leadership” and the fallout of the FTX event, the update on Ren Community explained that Ren’s development team has only enough funding to manage until the end of the year.

1) We recently posted an update regarding how Ren will move forward from Alameda: https://t.co/VFEYHbjZmz

— Ren (@renprotocol) November 20, 2022

With the aforementioned limited runway lasting up to Q4, the Ren team has decided to develop an open-sourced, and community-run version dubbed Ren 2.0.

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Ren explained that this shift towards ‘sunsetting’ Ren 1.0 has been issued to protect users, the integrity of the protocol, and to ensure a fully community-controlled network is established in Ren 2.0.

3) The process will begin shortly with mints being disabled, while burns remain enabled for 30 days.

This would affect liquidity pools with Ren-assets and possibilities for arbitraging the price of Ren-assets in LPs, even if the underlying asset always can be redeemed.

— Ren (@renprotocol) November 20, 2022

Ren explained that this process is set to begin soon and will include mints being disabled while burns remain enabled for a period of 30 days.

5) And finally, we aim to come back stronger, with a fully decentralized and community-owned cross-chain network.

All the best,
Ren team

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— Ren (@renprotocol) November 20, 2022

Upon launch, Ren claims this network upgrade to 2.0 aims will provide a fully decentralized and community-owned cross-chain network.

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Analysis

FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out

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FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out

FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out Josh O’Sullivan · 2 hours ago · 1 min read

Exchanges cautioned to be on high alert in preparation to freeze assets should the hacker attempt to cash out.

1 min read

Updated: November 20, 2022 at 9:13 pm

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Cover art/illustration via CryptoSlate

FTX announced on Nov. 20 that exchanges should remain alert regarding unauthorized fund transfers from FTX Global and related debtors on Nov. 11.

The transfers sent out were through intermediate wallets and FTX warned exchanges to take all measures to ensure the unauthorized funds be seized and returned to the bankruptcy estate.

(1/2)  Exchanges should be aware that certain funds transferred from FTX Global and related debtors without authorization on 11/11/22 are being transferred to them through intermediate wallets.

— FTX (@FTX_Official) November 20, 2022

Prior to the FTX announcement, blockchain data platform, Chainalysis tweeted out a thread explaining that funds stolen from FTX were on the move and that exchanges should be ready to freeze them if the hacker decides to cash out.

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2/ Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators.

— Chainalysis (@chainalysis) November 20, 2022

Chainalysis clarified that reports suggesting FTX’s stolen funds were sent to the Securities Commission of The Bahamas (SCB) were false. The Chainalysis team verified that some of the funds had indeed been stolen but some funds were sent to the regulators.

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