What’s new this week with cryptocurrency? It seems like virtual finance just can’t escape the spotlight, and no matter where you look, there’s always something going on. ShapeShift found itself in the spotlight this week, experiencing a hot wallet hack. Things started out ugly when the digital currency exchange ShapeShift experienced a hot wallet theft that caused a temporary closure of its website’s current trading system. Cyber-attacks are nothing new when it comes to bitcoin, but ShapeShift is now claiming the hack came by way of an insider.
Digital currency exchange service ShapeShift is offline after a security incident earlier this week.
A statement posted to Reddit by ShapeShift CEO Eric Voorhees offered more details as to why the site was taken offline, indicating an unknown quantity of funds had been taken from the service’s connected wallets. Customers with pending orders would receive their money within 24 hours, the company said.
"Yesterday afternoon, we noticed several pieces of evidence indicating our server infrastructure was compromised and threatened. We made the decision to....
Following the temporary closure of trading and the subsequent downtime of the website in its entirety, bitcoin and digital currency exchange ShapeShift has now revealed that the instigating hack stemmed from an insider who previously worked with the exchange.
In a new Reddit post that followed a steady, transparent cycle of updates from the time of the initial hack, CEO Eric Voorhees revealed details of the exchange’s investigation. The exchange had suspected that the hack was an insider’s job, a former employee who isn’t with the exchange anymore.
The chief executive....
ShapeShift.io, is an instant online cryptocurrency exchange that provides instant currency exchange between many cryptocurrencies without having to open an account. This Thursday, ShapeShift.io announced it was integrating Counterparty (XCP), along with Moner (XMR) into its platform. Customers anywhere in the world will now be able to buy or sell XCP or XMR instantly with Bitcoin or over two dozen of other cryptocurrencies with the ShapeShift.io exchange platform. ShapeShift.io, was launched in August 2014, and in less than a year it has become a market leader. Shapeshift.io is now the....
Instant multi-currency exchange ShapeShift was the victim of a security breach led by a previous team member, company CEO Erik Voorhees has revealed.
Voorhees ‘Confident’ Ex-Team Member Involved
Posting an update on ShapeShift’s homepage, which has been offline since the breach was discovered on April 7, Voorhees wrote:
Since the investigation into the ShapeShift hack last week started, we had suspicion that someone previously on the team was involved, and that this person assisted an outside hacker. We are confident now that is is indeed the case.
If not for political reasons, why am I interested in Bitcoin? Like a lot of people, I was disturbed by the aftermath of the 2008 financial crisis. I thought the government did what it had to do at the peak of the crisis but missed an important opportunity afterwards to reform the financial system. It seemed to me that there were two ways to improve the system: from above through regulation (which I support), or from below through competition.