Shapeshift Update: Security Breach Could be an Inside Job
The recent Shapeshift security breach may have been an inside job, says Eric Voorhees. Shapeshift.io, the cryptocurrency exchange was recently faced with a security breach, forcing it to temporarily suspend its operations. The security breach on April 7, 2016, had compromised the platform’s server infrastructure which threatened the fate of future transactions on it. In order to fix the system and be sure that nothing is amiss, the company decided to replace the server infrastructure instead of fixing the issues on the existing setup. In order to completely revamp the platform’s backend....
Related News
Instant multi-currency exchange ShapeShift was the victim of a security breach led by a previous team member, company CEO Erik Voorhees has revealed. 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....
ShapeShift has recently announced that Michael Perklin has joined the team as Chief Information Security Officer. Cointelegraph has caught up Michael Perklin and Erik Voorhees, CEO and Founder of ShapeShift, on their way from Satoshi Roundtable and asked to elaborate on some key security concerns that come with Blockchain technology. Coming back stronger. Unfortunately, hacks are still inevitable, and ShapeShift suffered a breach in April 2016. A significant sum from the company’s hot wallet was stolen but not a cent of customer funds was lost, stated Erik Voorhees, the company’s CEO the....
Digital currency exchange ShapeShift lost as much as $230,000 in three separate thefts over the course of a month, according to an incident report prepared by the service and obtained by CoinDesk. The report comes days after ShapeShift was taken offline following a then-undetailed security incident that resulted in the loss of funds held in the exchange’s connected wallets. ShapeShift later said that it believed the theft was an inside job. According to the report, that employee stole $130,000 from ShapeShift in mid-March. The employee, who was not identified, later sold sensitive security....
Digital currency trading company ShapeShift understands the increasing importance of offering secure services safe from the hacks that have plagued the space in the last year, and has turned to Canadian security expert Michael Perklin to step in as the new Chief Information Security Officer. Perklin first collaborated with ShapeShift (based in Switzerland) when he was hired to conduct an investigation of the company’s April 2016 security breach and to help get ShapeShift back on its feet. At the time, he found he agreed with the company’s approach to business. “ShapeShift’s non-custodial....
After a month of battling several attacks on Shapeshift’s trading platform, the company announced a full shutdown of their website to be reconstructed with improved security due to missing funds which tallied up to $230,000. The platform should be back on April 20. With the first attack on March 14, 315 BTC was stolen which resulted in ShapeShift’s decision of taking the site offline and relaunching. Two more attacks also managed to breach ShapeShift’s security and a further $124,000 was stolen. Throughout the course of several weeks, Shapeshift experienced a total of 3 attacks which....