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Cryptocurrency Exchange ShapeShift Restores Services Following Hack

ShapeShift.io, a cryptocurrency exchange platform, has restored its services following the recent hack which resulted in the loss of $230,000.

ShapeShift has compiled the whole ordeal in a blog post.  Erik Voorhees, ShapeShift CEO, through his frequent Reddit posts kept the customers updated on the progress made. He maintained that “no customer money was lost or at risk”.

Currently the platform is running in a restricted mode, supporting a limited number of digital currencies that includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Counterparty (XCP), GEMZ, DASH, StorjX, BitCrystals. Prior to the hack, ShapeShift offered instant exchange of more than 40 different cryptocurrency, Forklog reported.

In the wake of the recent hack, the company has decided to scrap the old infrastructure and rebuild in a wholly new and safe environment. Speaking with Bitcoin.com, Voorhees said:

“It’s amazing to see volume return immediately upon going live, without any kind of announcement or notice...We’ll be getting other coins back on the platform over the coming days, and the hardening of our infrastructure is a continuing process”.

As the hack was an inside job, Voorhees said that technically Shapeshift’s system was never “breached”, adding that “the doors were opened by someone on the inside”.

When asked about security, he said: “Keys and access are being much more compartmentalized, and 2-factor is being integrated in every possible manner, among other things.”

Voorhees has provided minute details on the whole case in a blog post. He wrote:

“To our customers, I would like to personally apologize for our downtime. While we can ensure your funds are not at risk, I know many rely on our service, and it has been unavailable. Redundancy, even in the face of disaster, will be one of our primary development goals going forward.”

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