We now have a #5 ... Shapeshift is back up. It's CEO Erik Voorhees wrote an article featured on news.bitcoin.com going through the entire ugly occurrence. Instead of walking through that entire thing we'll just summarize.
To sum it up in one word: "Inside Job"
Also known as #4
Let's hope hey skip what would be #6, some famous #6 occurrences were done by MyCoin and Mt. Gox resulting in millions in lost consumer and investor dollars.
Mitigation Strategies
As mentioned many times before on dinbits.com the trick to avoiding the type of activity is an exercise in risk mitigation. The folks need to hire better people that have a long history of trusted employment history.
That's for two reasons. The first is obvious, so you know "who done it" in the event of one of these catastrophe's and the second is because even if they get away they'll be easy to find. Lifting 230k from a company like ShapShift is enough to piss them off but it's not going to make a damn bit of difference, however if you're on the security team you might want to prepare for a lack of a Christmas bonus.
230K is what this inside jerk got away with. Some of that are the 315 bitcoins sitting right here: 1LchKFYxkugq3EPMoJJp5cvUyTyPMu1qBR
Keep on eye on that wallet.
Security Report
There's also a released document ShapeShift release here:It's good to see ShapeShift backup and this won't hurt them. I suspect we haven't heard the end of this which is likely going to conclude with some handcuffs.
Report by dinbits
Image by dinbits.com staff
The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates.
Post a Comment