ShapeShift Still Down, Hack An Inside Job | dinbits


About a week ago ShapeShift went down due to a hack. They said they'd be down for about 48 hours but 48 hours have come and gone. We're on hour 120+ or somewhere in there.

We hate to pull it out again, but....


Let's see how this hack stacks up.



0. Omission by design

1. They did not hide it and to be honest these things are difficult to hide these days.

2. Yes they were hacked but the extent of the hack and any lost funds are not 100% known.

3. Nobody has been fired ... yet.

4. Ah yes, the inside job claim. Always a classic.

We had to put another question mark in regards to the upcoming firings but all in all this is a pretty close fit. The diagram continues to stand the test of time.

ShapeShift has offered this latest statement.

Hello everyone,
We wanted to provide a quick update on our status.
Yesterday afternoon, we noticed several pieces of evidence indicating our server infrastructure was compromised and threatened. We made the decision to scrap that infrastructure, and rebuild in a wholly new and safe environment. This is what we are currently engaged in. While we hate having the service offline, it was the safer path.
By design, ShapeShift doesn't hold customer balances, so even in the case of a security breach, there is no customer money at risk. However, a portion of our own hot wallet inventory funds were taken, but nothing that will interfere with operations once our new environment is online. This is also by design.
We've built customer protection into our platform – hacks may be inevitable, but customer losses should not be. Not a cent of customer funds was lost, nor could they have been.
For those few customers who had a pending order processing with us when we went offline, we'll get those funds returned to you within 24 hours. Customer support link is below.
Existing in Bitcoinland is a pioneering struggle against many threats and challenges. We'll use the opportunity to build even bigger, better, and more resilient infrastructure. We've been inspired by the immense growth ShapeShift has seen over the past several months, and will get this beast back online ASAP.
Kind regards,
-Erik Voorhees
CEO ShapeShift.io
Direct link to customer support while site is down: https://shapeshift.zendesk.com/hc/en-us

No customer funds were lost according to Shapeshift which is synonymous of the Bitstamp hack of 2015 where they lost about 5 million but didn't pawn it off on their customers. 

Shapeshift joins the 2016 hacked club including members Loanbase, BitQuick, and Cryptsy (yeah right) with the latter being out for good it appears. 




Report by dinbits staff

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