Bitcoin/ cryptocurrency exchange ShapeShift offline following hack, company rebuilding platform

Bitcoin and cryptocurrency exchange service ShapeShift AG is offline following a breach of the service April 7.

The full details of how the breach occurred are not available however Chief Executive Officer Eric Voorhees took to Reddit to explain that while the service had been hacked, no customer funds were stolen, however, an unspecified amount was taken from ShapeShift’s own hot wallet.

“Yesterday afternoon, we noticed several pieces of evidence indicating our server infrastructure was compromised and threatened,” Voorhees wrote. “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.”

Safe by design

ShapeShift itself works as a platform that allows users to exchange Bitcoin and other cyrptocurrencies directly, so at no stage does ShapeShift itself hold onto funds, meaning that even here where the company was hacked directly, there was nothing, aside from the company’s own funds, for the hacker to steal.

“We’ve built customer protection into our platform – hacks may be inevitable, but customer losses should not be,” Voorhees added. “Not a cent of customer funds

Read more ... source: TheBitcoinNews

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