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Chinese VC loses $42M in crypto due to compromised mnemonic seed phrase

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cointelegraph.com

According to a new twitter post on Nov. 23, Bo Shen, general partner of the Vitalik Buterin-advised venture capital fund Fenbushi Capital, claime that $42 million worth of funds were drained from his Trust Wallet on Nov.

10. Shen, who grew up in China but now lives in Atlanta, says that the funds were his personal assets and the exploit does not affect Fenbushi-related entities.Later today, blockchain analytics firm SlowMist confirmed the exploit and stated the reason for theft being "mnemonic words compromise." The firm also disclosed that a combination of addresses belonging to Shen was drained of 38,233,180 USD Coin (USDC), 1,607 Ether (ETH), 719,760 Tether (USDT), and 4.13 Bitcoin (BTC).

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