ShapeShift Leads the Week in Crypto News

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What’s new this week with cryptocurrency? It seems like virtual finance just can’t escape the spotlight, and no matter where you look, there’s always something going on. ShapeShift found itself in the spotlight this week, experiencing a hot wallet hack. 

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ShapeShift

Things started out ugly when the digital currency exchange ShapeShift experienced a hot wallet theft that caused a temporary closure of its website’s current trading system. Cyber-attacks are nothing new when it comes to bitcoin, but ShapeShift is now claiming the hack came by way of an insider.

CEO Eric Voorhees revealed in a Reddit post:

“Since the investigation into the ShapeShift hack last week started, we had suspicion that someone previously on the team was involved, and that this person assisted an outside hacker. We are confident now that it is indeed the case… At this point, customer refunds for prior pending orders are in the process of being resolved. Again, no customer funds were ever at risk by design.”

At present, a criminal investigation is underway, while ShapeShift is working with forensic analysts to find further information regarding what occurred.

Ethereum

Smart-contract platform Ethereum has reached an impressive market cap second only to everyone’s favorite cryptocurrency, bitcoin. Some of the factors contributing to Ethereum’s near rise to the top, according to Cashila co-founder Jani Valjavec, is the fact that it’s presently reaching its second phase of development, assuring users and investors of its strength and ability to stay afloat. Other potential factors include Ethereum’s deviation from bitcoin, and people’s personal desires to see it thrive.

Others, however, such as co-founder of BuyAnyCoin Thor Thurneau, attribute the company’s present rise to a “paradigm shift.” In other words, people have gotten greedy.

Speaking with CoinTelegraph, Thurneau explains:

“To put it simply, I think we are just witnessing greed, fear of missing out and the general fickle nature of humans.”

Whatever the attributing aspects, Ethereum is growing and isn’t planning to halt such growth anytime soon.

GameCredits

Lastly, gamer-based cryptocurrency GameCredits has released a new API to give users the chance to immediately confirm transactions to their GameCredits accounts. The API is claiming a hassle-free, user-friendly edifice and offers additional safety, as it doesn’t require credit cards or other payment methods which allegedly leave personal and private information vulnerable to hackers.

Chief Information Security Officer Victor Alejandro explains:

“GameCredits’ primary initiative consists of developing a currency-driven gaming platform focused on providing an elegant, secure and robust system that can replace existing in-game purchasing options and mechanics.”

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Images courtesy of Telegraph.co.uk, bitcointalk.org

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