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Early Crypto Investor Bo Shen Says He Lost $42 Million in Wallet Hack

24Nov

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Early Crypto Investor Bo Shen Says He Lost $42 Million in Wallet Hack

[ad_1] Bo Shen, the general partner at Fenbushi Capital, said he lost about $42 million through a hack of his personal digital wallet. Bo Shen, the general partner at Fenbushi Capital, a blockchain-focused venture capital firm started in Shanghai that was among the earliest investors in cryptocurrencies, said he lost about $42 million through a hack of his personal digital wallet. The cryptocurrencies stolen include USD Coin, Tether, Ether and Bitcoin, according to blockchain security firm SlowMist, as a result of the compromise of the wallet's recovery phrase. The recover phrase of a crypto wallet allows the wallet owner to recover the wallet in the event that the wallet is misplaced or damaged. Shen used Trust Wallet, which was acquired by crypto exchange giant Binance in 2018. “Tru...

Another Crypto Investor Is Calling Time After the Market Sank

[ad_1] Protocol Ventures LP, a US-based investor in crypto hedge funds, is to close down and return cash following the slide in the market for digital assets. Protocol Ventures LP, a US-based investor in crypto hedge funds, is to close down and return cash following the slide in the market for digital assets, according to people familiar with the matter. Notices were sent to investors at the end of October about the move, the people said, asking not to be named because the information isn't public. The closure will likely be completed by year-end or the first quarter of 2023, one of the people said. Investors in Protocol's fund of hedge funds may have lost as much as 90% over the past year, the people said. Protocol declined to comment about the developments at the company. Pro...

Would-be crypto investors in Singapore could face risk awareness tests

[ad_1] People looking to trade cryptocurrency in Singapore may soon have to take a test to prove they understand what they are getting into, the central bank said Wednesday, as it looks to prevent clueless investors from bankrupting themselves. People looking to trade cryptocurrency in Singapore may soon have to take a test to prove they understand what they are getting into, the central bank said Wednesday, as it looks to prevent clueless investors from bankrupting themselves. The Asian finance hub has taken cautious steps to expand its digital assets market, but has warned against the risks from trading in digital coins, especially among small investors lured by stories of quick riches. "Trading in cryptocurrencies is highly risky and not suitable for the general public," the M...