ShapeShift Offline After Hack

[salmanahmedone]

The only people I see losing money in a Shapeshift hack is Shapeshift itself. Customers should feel safe just by how the site operates

People posting not to leave coins on exchange are correct, but that sentiment does not apply to this situation

Yes, the Shapeshift  should be careful now and make their network more strong.

[Wendigo]

Wow I couldn't see this one coming at all. I thought ShapeShift had a pretty high level of security, they even were integrated by BitGo into their own wallet to make coin conversions on-site. I guess BitGo aren't too happy either with the bad publicity surrounding Bitcoin businesses.
Fortunately customers' funds weren't affected but I am wondering how ShapeShift hot wallets were compromised. I guess with the plethora of alt coins they are trading they must be running Desktop wallets for each coin right?

[Kakmakr]

The only people I see losing money in a Shapeshift hack is Shapeshift itself. Customers should feel safe just by how the site operates

People posting not to leave coins on exchange are correct, but that sentiment does not apply to this situation

It might be the case, but this will still hurt their reputation is any component of their site was hacked and coins stolen. The other users might lose confidence in them and quit using this service. They will have to push a lot into press releases and marketing to inform the public and to change their opinions about this service. 

[zPanda]

I have only used them once, the fees are horrendous!

[nostal02]

This is really bad for shapeshift users and their investment is now lost just like in Mt. Gox this is why we must be careful where we put our money so that we wont lose it in any hack attempt.

[OmegaStarScream]

I was just reading at coindesk and I found this "Digital Currency Exchange ShapeShift Claims Hack Was Inside Job" : http://www.coindesk.com/digital-currency-exchange-shapeshift-claims-hack-inside-job/

[arwin100]

I was just reading at coindesk and I found this "Digital Currency Exchange ShapeShift Claims Hack Was Inside Job" : http://www.coindesk.com/digital-currency-exchange-shapeshift-claims-hack-inside-job/

I was really have a though that shapeshift is not hack for a website owner investing in real trading site i think they will invest on perfect security measures if they want long term transaction to their website and for what happen for shapeshift is just another like hyips stories that their website is hack and had alibi to their investor so they can run the money.

[eternalgloom]

Every time I read a story like this, I'm happy that I don't keep the majority of my funds on exchanges. But it's still negative press for Bitcoin sadly..

[NoBit]

Here's the full story: https://news.bitcoin.com/looting-fox-sabotage-shapeshift/

Who's Bob?

[smho_16]

Unfortunately lately, this is becoming a very known practice, that at sometime, some of the best exchanges use their excuse an inside hack and take people money, thats very sad, no matter who has the fault, some inside worker or the owner, thats sad and thats why I never keep money in online exchanges, you never know what can happen tomorrow to your coins.

[ahmedjamal1998]

Well shape shift doesn't even store your coins in it. It converts them at ones and sends them to your address.  So, people just talking without info need to understand that it's totally legit.  Used by me hundreds of times

Ty

[NoBit]

Shapeshift is definitely the safest exchange out there.

[alyssa85]

Here's the full story: https://news.bitcoin.com/looting-fox-sabotage-shapeshift/

Who's Bob?

A pseudonym for the thief - I guess they can't release his name until he is charged with theft. That is, if the libertarians at Shapeshift believe in getting govts and law enforcement involved.

P.S. That article was a good read

[smho_16]

So let me get this straight , by reading the story, basically these guys were stolen, but no user funds were touched or risked, and now they are building everything from the beginning? If that is the case a big congrats to them if they managed to save user funds and they are back in operation or at least trying to be.

[TastyChillySauce00]

I have only used them once, the fees are horrendous!

that's really normal for instant exchanger to take a "little bit higher" fee than any other exchanger which require you to verify your ID by uploading so many important identifier thing and it's really disturbing i'd say

Every time I read a story like this, I'm happy that I don't keep the majority of my funds on exchanges. But it's still negative press for Bitcoin sadly..

i don't think you can save your btc on shapeshift,it'll exchange your coin and send the selected coin directly to your address

[thejaytiesto]

I have only used them once, the fees are horrendous!

that's really normal for instant exchanger to take a "little bit higher" fee than any other exchanger which require you to verify your ID by uploading so many important identifier thing and it's really disturbing i'd say

Every time I read a story like this, I'm happy that I don't keep the majority of my funds on exchanges. But it's still negative press for Bitcoin sadly..

i don't think you can save your btc on shapeshift,it'll exchange your coin and send the selected coin directly to your address

That's what I assumed how it works. The model business is that hey offered a way to exchange coins without having to deposit them, which would make the risk of getting your coins stolen impossible. The profit they would make, is from the fees of the transaction. Now, what I assume that was stolen, is this amount of fee money they made (their money) and not anyone's elses money. In case im wrong then someone please explain it better.

[Jasad]

Every time I read a story like this, I'm happy that I don't keep the majority of my funds on exchanges. But it's still negative press for Bitcoin sadly..

yeah i'm also feel happy that i dont use shapeshift or other exchange that scamming people,but yes its sadly when happen for bring name of bitcoin,people will start aware and smoothly leave bitcoin because scammed and upset for that.

[alyssa85]

I have only used them once, the fees are horrendous!

that's really normal for instant exchanger to take a "little bit higher" fee than any other exchanger which require you to verify your ID by uploading so many important identifier thing and it's really disturbing i'd say

Every time I read a story like this, I'm happy that I don't keep the majority of my funds on exchanges. But it's still negative press for Bitcoin sadly..

i don't think you can save your btc on shapeshift,it'll exchange your coin and send the selected coin directly to your address

That's what I assumed how it works. The model business is that hey offered a way to exchange coins without having to deposit them, which would make the risk of getting your coins stolen impossible. The profit they would make, is from the fees of the transaction. Now, what I assume that was stolen, is this amount of fee money they made (their money) and not anyone's elses money. In case im wrong then someone please explain it better.

You are correct - it was their profits from fees that were stolen. Props to Voorhees for sharing the detail of the story - that way other exchanges can improve security - such as getting an external security expert to audit weaknesses and sweep the servers for trojans such as the one "Bob" placed in the Shapeshift set up.

[Chris!]

Here's the full story: https://news.bitcoin.com/looting-fox-sabotage-shapeshift/

Who's Bob?

Wow. I just read that whole article.

You can really feel Erik's frustration in this article. I can't imagine the stress that him and his team, with 4 brand new employees nonetheless, must have felt. I'm sure 'Bob' is going to get what's coming to him. I hope to hear when he does.

[uncaer9]

https://shapeshift.io/index.html#/inputs/1
now online again..?