Bitcoin Forum

Cryptocurrency exchange platform ShapeShift.io has announced the conclusion of its investigations relating to the data breach that took place recently.

The ShapeShift team has provided the key findings of the investigations in a report posted on Reddit. According to the report, an employee who allegedly stole bitcoin from ShapeShift’s hot wallet in March, gave away sensitive information to a hacker, who was then able to steal substantial amount of bitcoin, Litecoin and Ethereum in subsequent thefts.
http://www.econotimes.com/Cryptocurrency-Exchange-ShapeShift-Lost-$230k-In-Data-Breach-196982

This is nuts! I can't believe how many times the hacker kept coming back for more. I can't believe this kind of thing keeps happening...

shapeshift is best changer for me, we can trade without deposit, and we can receive our altcoin in some minute, this is risk of open exchanger, hope no more changer get hacked again.

It has shown that hackers/thieves are always a step ahead of the security of certain exchanges and services when they are being provided with sensitive information coming from inside. It's nothing new nowadays and I'm quite sure we'll see this happen more often this year and the years after that. It's very difficult to protect yourself as an exchange from bad intended employees.

It was an ex-employee that gave away the keys to the firm, so to speak. Maybe Erik needs to review his hiring/firing policies to ensure a disgruntled employee doesn't decide to strike back at him after being let go. But naturally, everyone is lauding him over being so "transparent" about Shapeshift's incompetence.

Looting of the Fox: The Story of Sabotage at ShapeShift

This is the story of how ShapeShift, a leading blockchain asset exchange platform, was betrayed. Not once, not twice, but three times in less than a month.

https://news.bitcoin.com/looting-fox-sabotage-shapeshift/

For the record.. I have used Shapeshift actually quite a bit.  I will use them in the future since our funds were never at risk. I just can't understand the shortsightedness of hackers, and ex-employees in this matter. Obviously they are intelligent enough, to understand the bigger picture of whats at stake, reference world banking, government corruption, with that said better to have caught this early on than much later. The amount stolen could have been much more devastating.  I guess this law of the jungle kind of thing, whatever doesn't kill ya, makes you much stronger in the end.

how many more times this will happen before people understand that decentralized exchanges are needed?, sad to read this ofc, i dont want that people get hacked ofc, but come on, im 100% sure that this will not be the last one, more will be hacked...