The founder of Fenbushi Capital, who reported that his altcoin wallet worth $ 42 million was stolen on November 23 last year, made a huge sale today.
Shen Bo, partner of Fenbushi Capital, sold millions of altcoins today
According to the Spot On Chain report dated April 16, Shen Bo exchanged 557,140 LQTY for 613 ETH for an average price of $2.42 during the day. The price of Liquidity (LQTY) fell to $2.3 (down 5%) after selling out. The cost of the deal is unknown as Bo Shen is an angel investor in the Liquidity Protocol. It has held these LQTYs until now since it was unlocked in July 2022.
Wallet was stolen and the sale transaction was not his personal behavior
Shen Bo announced that his personal wallet address containing a total of $42 million worth of altcoins and on-chain was stolen on November 23 last year. Current data shows that Shen Bo’s wallet address “sold more than 550,000 LQTYs” received 557,140 LQTYs from the wallet address ending with 894, which he disclosed was stolen on November 10 last year.
Founder made a statement, “I didn’t sell”
Fenbushi Capital CEO reported on social media that the stolen assets of LQTY sold today are the same as in November last year, and all parties are currently actively investigating: “The stolen wallet transaction was not carried out by me and the LQTY sale was the act of a hacker. Personally, I have long-term trust in LQTY, I have never sold it and have supported the Liquidity Pool for a long time.”
Shen Bo appealed to the community to help find hacker clues willing to give a bounty. Shen Bo, co-founder of Fenbushi Capital, reported that on November 23 last year, the commonly used wallet address ending in 894 was stolen, containing a total of $42 million in assets.
Million-selling forces altcoin price down
LQTY 557,140 seized from the wallet of Shen Bo, co-founder of Fenbushi Capital, was drained earlier today. The $42 million sale resulted in a 5% drop in the LQTY price. It should be noted that at the time of writing, while there is some recovery, LQTY price has risen as high as the pre-sale.
What is liquidity (LQTY)?
Liquidity is an open source lending and borrowing protocol running on Ethereum. It allows users to obtain stablecoins like Dai using a self-regulating credit system without the need to lock Ether (ETH) as a stablecoin.
Altcoin founder lost these cryptocurrencies to hacker
Notable Chinese venture investor Bo Shen revealed that he lost $42 million worth of cryptocurrencies as a result of his personal wallet being stolen in November last year. According to Shen, the theft occurred on November 10, and most of the stolen funds ($38 million) were USDC stablecoins.
cryptocoin.comAs you follow, the South Korean cryptocurrency exchange recently reported that it lost $13 million on GDAC.
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