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Cryptocurrency Exchange ShapeShift Lost $230k In Data Breach

Cryptocurrency exchange platform ShapeShift.io has announced the conclusion of its investigations relating to the data breach that took place recently.

The ShapeShift team has provided the key findings of the investigations in a report posted on Reddit. According to the report, an employee who allegedly stole bitcoin from ShapeShift’s hot wallet in March, gave away sensitive information to a hacker, who was then able to steal substantial amount of bitcoin, Litecoin and Ethereum in subsequent thefts.

Working closely with professional forensic investigator, Michael Perklin with Ledger Labs, ShapeShift team came to know that the hacker breached the environment using information he had purchased from the former employee.

“Three hacks within a month, the first carried out directly by a now-former employee, and the latter two made possible when that employee sold information about the company to a hacker. Roughly $230,000 lost, cumulatively, though there exists the potential to recover a significant piece of that from the person responsible”, the report said.

Voorhees said that some of the stolen funds have been recovered, reiterating that “no customer money was lost or at risk”.

Following the data breach, the website was taken offline and continues to be so at the time of writing. In an update provided last week, Erik Voorhees, ShapeShift CEO, said that their suspicion about the hack being an inside job, turned out be true.

ShapeShift is expected to be back online by Wednesday, April 20th.

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