Report shows $230k of cryptocurrency stolen in recent ShapeShift cyber attack

ShaepShift Incident Puts Direct Losses @ $230k

The digital currency exchange ShapeShift released a forensic report today stating direct losses of around $230k, losses were incurred over three separate coin thefts, according to the post-mortem report.

While ShapeShift has been offline since April 7th the report states that the first attack resulting in $130k theft was carried out long before that on March 14th by an internal employee.

It’s claimed the insider then proceeded to assist another hacker who carried out two additional thefts resulting in a further $100k loss of cryptocurrency.

Toronto-based Ledger Labs was engaged to conduct a thorough forensic analysis and the subsequent report by Michael Perklin was made available to the public.

Ledger Labs report:
Shapeshift Cyber Attack Postmortem

Despite the substantial losses Erik Voorhees reiterated that “no customer money was lost or at risk, and ShapeShift will be back online soon. Thank you to the community and our customers for your patience.”.

ShapeShift says they have greatly improved security all round and they are implementing well-defined policies for staff to follow.

Legal action in the form of a civil lawsuit continues against the former employee, when I asked the ShapeShift team what country the employee is from Erik Voorheers commented “ That’s confidential for now, though I imagine it will be known soon”.

Privacy eh?

Incident Update Report on Reddit Showing the Direct Loss Details

The exchange is expected to be back online by April 20th.

Article by:

Adam Sculthorpe, Co-Founder of PatrolX