Digital currency exchange ShapeShift believes the hack was an inside job

Days after disclosing it was the target of a hack, digital currency exchange ShapeShift said it now believes the theft was an inside job.

Chief Executive Officer Eric Voorhees wrote in a post on Reddit that the company suspected the hackers were directed by a former employee, whose name and position he did not disclose.

Voorhees wrote:

“Since we began investigating the ShapeShift hack last week, we have suspected that someone on the team was involved and that this person was assisting an outside hacker. We now have strong confidence that this is the case.”

The exchange announced a hack last week that resulted in the theft of an undisclosed amount of money from wallets connected to the service.

Voorhees further noted that refunds for pending orders are still ongoing and “are in the process of being resolved.” When the exchange service announced the hack, Voorhees said refunds would be processed within 24 hours.

The CEO went on to reiterate that a detailed post-mortem analysis of the incident would be released soon, but he did not provide a specific date, only saying it would be in "the appropriate time."

According to the latest news, ShapeShift is currently investigating the hacking incident with Ledger Labs, a Toronto-based blockchain consulting firm.