Bo Shen is a Chinese entrepreneur and early-stage crypto investor best known as a co-founder of Fenbushi Capital, one of the first dedicated blockchain venture funds in Asia. Before founding Fenbushi, he was an active participant in early blockchain communities, including involvement with BitShares – a project led by developer Dan Larimer that experimented with decentralised exchange and delegated proof-of-stake consensus. That background gave him deep technical context before the Ethereum era began.
Fenbushi Capital launched in 2015 and positioned itself as a full-time blockchain-only fund at a time when most traditional VCs still treated crypto as a curiosity. Bo Shen served as managing partner. Ethereum co-creator Vitalik Buterin was listed as a general partner in the fund's early formation, lending significant credibility. The fund is headquartered in Shanghai and has historically focused on Asia-Pacific deal flow while maintaining a global mandate. Total AUM has not been publicly disclosed in official filings; third-party estimates have ranged widely and should be treated with caution.
In November 2022, Bo Shen disclosed publicly that his personal wallets had been compromised in a security breach. Reports at the time cited losses of approximately $42 million in stablecoins and other tokens. He stated the attack was carried out by a trusted contact who had access to seed phrases. The incident drew wide attention because of its scale and because it highlighted personal-custody risks even for sophisticated insiders.
Notable investments
- Ethereum – Bo Shen was among the earliest institutional-scale backers of Ethereum during its 2014 presale period.
- MakerDAO – Fenbushi backed the decentralised stablecoin protocol in its early rounds.
- Augur – the decentralised prediction market on Ethereum received backing connected to the Fenbushi network.
- 0x Protocol – the decentralised exchange infrastructure layer was an early Fenbushi portfolio company.
- Zcash – Fenbushi participated in Zcash's initial investor round, backing the privacy-focused chain at launch in 2016.
Public information on Bo Shen's direct personal angel deals, separate from Fenbushi fund vehicles, is limited. The five portfolio companies listed in aggregator databases likely reflect a subset of disclosed on-chain or public round participations rather than a complete picture of his activity.
Team
Fenbushi Capital was co-founded by Bo Shen alongside partners including Feng Han, who has led the fund's day-to-day operations as managing partner. Vitalik Buterin held a general partner role in the fund's founding structure, though his day-to-day involvement has been advisory rather than operational. The broader team includes investment analysts and researchers based in Shanghai and San Francisco. Public information about other named partners at the individual angel-investing level is limited.
Recent activity
Following the 2022 wallet compromise, Bo Shen maintained a lower public profile. Fenbushi Capital continued deal activity through 2023 and into 2024, with reported participations in early-stage Web3 infrastructure and zero-knowledge proof projects, consistent with broader market trends. Specific deal announcements from 2025 onward are not confirmed in publicly available sources at the time of writing. The fund's geographic focus remains Asia-Pacific first, with secondary attention on US and European teams building in DeFi, layer-2 scaling, and decentralised identity.
Bo Shen remains one of the most recognisable figures in Asian crypto venture history, having backed Ethereum before it launched and built one of the region's first dedicated blockchain funds. His public standing took a hit after the 2022 security incident, but his track record as an early Ethereum backer keeps him relevant in discussions of long-horizon, thesis-driven crypto investing. Investors and founders looking to understand Asian crypto capital flows frequently cite Fenbushi as a reference point for the sector's early institutional development. Further details on current fund size and recent portfolio companies can be found via Crunchbase and Fenbushi's official site.