Tracking the Attacker in the Shen Bo Theft Incident: Latest Developments

According to reports, on April 16, 2023, according to the Beosin EagleEye security risk monitoring, warning, and blocking platform monitoring under the blockchain security audit company Beosin, the attacker of the distributed capital founding partner Shen Bo’s theft incident, 0x376A02550BE2A6a39803fB17aFa550cab5b820ca, exchanged 650 ETHs for USDT and sent them to the WhiteBIT centralized exchange. In addition, the attacker of Shen Bo’s theft incident sold 557140 previously stolen LQTY tokens, Currently, the funds deposited through the sale of LQTY tokens are located at the address 0x1D43f19852FfA9ca5F2343E89f408BcbFA698a7E. Beosin Trace will continue to monitor the direction of funds. Previously, on November 23, last year, Shen Bo stated on Twitter, “Individuals commonly use 894 ending wallets with a total value of $42 million in assets, including 38 million USDCs that were stolen in the early hours of November 10 New York time. The stolen assets are personal funds and are not related to distributed related funds

Distributed capital founding partner Shen Bo’s stolen funds have been transferred 650 ETHs by attackers

On April 16, 2023, the blockchain security audit company Beosin EagleEye security risk monitoring, warning, and blocking platform detected that the attacker behind the distributed capital founding partner Shen Bo’s theft incident had exchanged 650 ETHs for USDT and sent them to the WhiteBIT centralized exchange. Additionally, the attacker had sold 557140 previously stolen LQTY tokens, and the funds generated from this sale were deposited at the address 0x1D43f19852FfA9ca5F2343E89f408BcbFA698a7E. Beosin Trace will continue to monitor the direction of funds.

The Shen Bo Theft Incident

Before we dive into the latest developments in the Shen Bo theft incident, let’s first understand what exactly happened. On November 23, 2022, Shen Bo, a founding partner at Distributed Capital, revealed in a tweet that he had fallen victim to theft. He stated that he had about $42 million worth of personal assets on 894 wallets, out of which 38 million USDCs were stolen on November 10.

The Attacker’s Activities

Fast forward to April 16, 2023, and we have new information about the attacker’s activities. The attacker exchanged 650 ETHs for USDT and sent them to the WhiteBIT centralized exchange. This move has significant implications since USDT is a stablecoin pegged to the value of the US dollar. It is often used as a medium of exchange for cryptocurrencies since it provides stability amidst the volatility of the crypto market. The attacker’s move shows that they are trying to distance themselves from ETH and move towards a more stable asset.
The attacker also sold 557140 LQTY tokens. LQTY is a cryptocurrency that powers the Liquity Protocol, a decentralized lending platform on the Ethereum blockchain. The attacker’s move to sell these tokens suggests that they are trying to liquidate the stolen assets and turn them into liquid cash.
Currently, the funds generated from the sale of LQTY tokens are located at the address 0x1D43f19852FfA9ca5F2343E89f408BcbFA698a7E. Beosin Trace, the monitoring platform responsible for tracking funds generated from the Shen Bo theft incident, will continue to monitor the direction of funds to shed more light on the perpetrator’s activities.

Conclusion

In summary, the latest developments in the Shen Bo theft incident show that the attacker is trying to liquidate the stolen assets and turn them into cash. The move to exchange ETH for USDT is an attempt to stabilize their portfolio amidst the volatility of the crypto market. Furthermore, the use of a centralized exchange to carry out transactions makes the attacker’s activities more identifiable.

FAQs

1. What is the significance of the attacker’s move to sell LQTY tokens?
Ans: The attacker’s move to sell LQTY tokens suggests that they are trying to convert the stolen assets into liquid cash.
2. How does Beosin Trace help in tracking the funds generated from the Shen Bo theft incident?
Ans: Beosin Trace is a monitoring platform responsible for tracking the direction of funds generated from the Shen Bo theft incident.
3. What is the purpose of using USDT as an exchange medium for cryptocurrencies?
Ans: USDT is often used as an exchange medium for cryptocurrencies since it provides stability amidst the volatility of the crypto market.