ShapeShift had three hot wallets hacked: Bitcoin, Ethereum, and Litecoin.
Erik Voorhees, the CEO of ShapeShift, has made public some of the details and findings from the investigation into the recent cyber attacks on his company. The bottom line is that about $230,000 worth of Cryptocurrencies were stolen from its hot wallets, but we are assured that none of it was clients' funds and that the service will be back in operation on Wednesday.
ShapeShift, a site that allows users to instantly cross-convert over forty cryptocurrencies, has already been down for over a week, with a notice on the site saying that it will likely be down for a few more days for an infrastructure upgrade.
Bringing credibility to the process, the forensic audit of ShapeShift was conducted by Michael Perklin of Ledger Labs, a Toronto-based consulting and development firm that applies decentralized systems and principles to the fields of security, finance, and governance. Perklin is an information security expert with experience in performing digital forensic examinations, cyber investigations, and incident response postmortems. He has testified about blockchains at the Canadian Senate's Committee on Banking, Trade, and Commerce and has been qualified as an expert witness in the courts of Canada.
ShapeShift's management decided to re-architect the exchange's infrastructure entirely, using greatly enhanced security protocols and methods, under the supervision of Mr. Perklin.
Unfolding of the event according to Erik Voorhees:
"On March 14th, ShapeShift had 315 Bitcoins stolen from its hot wallet. It was quickly discovered that an employee at that time had committed the theft. It was reported to relevant authorities, and a civil suit was opened against the individual. As we had quickly figured out who it was, and how to resolve it internally, we were able to keep the site running uninterrupted. We planned to get the stolen property returned, and thought that was the end of it.
On April 7th, last week, as we were about to migrate the service to a new host (having worked for a couple weeks on new infrastructure in the wake of the theft), we noticed three hot wallets had been hacked, Bitcoin, Ethereum, and Litecoin (roughly 97 BTC, 3600 ETH, and 1900 LTC). We were initially unable to determine how it had happened. We took the site offline, and decided to assume the infrastructure itself and all keys were potentially compromised. We cycled all keys and spun up brand new infrastructure on an entirely new host, once again, 24 hours later.
During that rebuild, contact was established with the hacker, who indicated that the rogue employee from the month prior had given the hacker the information needed to carry out the attack.
We relaunched the site on this third set of infrastructure (Friday night). When we awoke Saturday morning, it was discovered that Bitcoin and Ethereum had yet again been stolen from the new hot wallets. 57 BTC and 2200 ETH. This didn't make any sense as none of the keys used had been shared with prior infrastructure. This happened less than 48 hrs after the prior incident.
During the following days, two chat sessions occurred between myself (Erik) and the hacker, who went by the name, Rovion Vavilov. In these sessions, evidence was provided showing how the hacker breached both environments, using information he had purchased from the former employee."
Erik Voorhees, the CEO of ShapeShift, has made public some of the details and findings from the investigation into the recent cyber attacks on his company. The bottom line is that about $230,000 worth of Cryptocurrencies were stolen from its hot wallets, but we are assured that none of it was clients' funds and that the service will be back in operation on Wednesday.
ShapeShift, a site that allows users to instantly cross-convert over forty cryptocurrencies, has already been down for over a week, with a notice on the site saying that it will likely be down for a few more days for an infrastructure upgrade.
Bringing credibility to the process, the forensic audit of ShapeShift was conducted by Michael Perklin of Ledger Labs, a Toronto-based consulting and development firm that applies decentralized systems and principles to the fields of security, finance, and governance. Perklin is an information security expert with experience in performing digital forensic examinations, cyber investigations, and incident response postmortems. He has testified about blockchains at the Canadian Senate's Committee on Banking, Trade, and Commerce and has been qualified as an expert witness in the courts of Canada.
ShapeShift's management decided to re-architect the exchange's infrastructure entirely, using greatly enhanced security protocols and methods, under the supervision of Mr. Perklin.
Unfolding of the event according to Erik Voorhees:
"On March 14th, ShapeShift had 315 Bitcoins stolen from its hot wallet. It was quickly discovered that an employee at that time had committed the theft. It was reported to relevant authorities, and a civil suit was opened against the individual. As we had quickly figured out who it was, and how to resolve it internally, we were able to keep the site running uninterrupted. We planned to get the stolen property returned, and thought that was the end of it.
On April 7th, last week, as we were about to migrate the service to a new host (having worked for a couple weeks on new infrastructure in the wake of the theft), we noticed three hot wallets had been hacked, Bitcoin, Ethereum, and Litecoin (roughly 97 BTC, 3600 ETH, and 1900 LTC). We were initially unable to determine how it had happened. We took the site offline, and decided to assume the infrastructure itself and all keys were potentially compromised. We cycled all keys and spun up brand new infrastructure on an entirely new host, once again, 24 hours later.
During that rebuild, contact was established with the hacker, who indicated that the rogue employee from the month prior had given the hacker the information needed to carry out the attack.
We relaunched the site on this third set of infrastructure (Friday night). When we awoke Saturday morning, it was discovered that Bitcoin and Ethereum had yet again been stolen from the new hot wallets. 57 BTC and 2200 ETH. This didn't make any sense as none of the keys used had been shared with prior infrastructure. This happened less than 48 hrs after the prior incident.
During the following days, two chat sessions occurred between myself (Erik) and the hacker, who went by the name, Rovion Vavilov. In these sessions, evidence was provided showing how the hacker breached both environments, using information he had purchased from the former employee."
Consensys Sues the SEC: Calls Its Authority over Ethereum “Unlawful”
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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