On the latest episode of the Bitcoin.com Podcast, our host Zach Doty sat down with ShapeShift CEO Erik Voorhees to discuss the recent hack that took place at the exchange. Voorhees detailed the events before and after the hack, sharing his personal reactions to the theft.
Also read: Looting of the Fox: The Story of Sabotage at ShapeShift
The ShapeShift Hack
Voorhees spoke with Zach as a follow up to the guest post Voorhees published on Bitcoin.com. In his article, Voorhees gave a play-by-play account of the unexpected hack. Reading like a crime thriller, the CEO’s article described the unusual behavior of one of their employees — called “Bob” — and how Voorhees eventually figured out that “Bob” and another hacker stole a sum of cryptocurrencies exceeding $100,000 USD in value.
In a QA session with Bitcoin.com, Voorhees readily admitted that he and his team made a mistake in not implementing adequate security measures:
“I’ll revert to the cliché: hindsight is 20/20. We absolutely made mistakes, but that’s always easy to see when looking backward. Security is not a black and white thing, it is a process, a continual journey. When we first launched back in summer 2014, the amount of funds held in our wallets really was trivial, and did not warrant extensive security hardening.”
Voorhees also told us that his company was committed to improving their security from the top down, even implementing policy changes regarding personal computer use:
“Nobody steps away from a computer now without locking their screen. Keys and access are being much more compartmentalized, and 2-factor is being integrated in every possible manner, among other things.”
Since Voorhees’ appearance on the podcast, and his QA session, ShapeShift has resumed operations and has not experienced any more problems related to the two hacking attacks.
Bitcoin.com would like to thank Erik Voorhees for sharing the personal side of his ordeal with us, allowing us to give our readers an exclusive angle on this story.
If you would like to listen to Zach and Erik Voorhees’ conversation, you can listen to the entire podcast here: