On ShapeShift, users would automatically receive unique single-use deposit addresses. Cryptocurrency sent to that unique address would be automatically converted to another chosen coin and sent to an address specified by the user.
The anonymous and near instantaneous nature of the exchange (crypto “shape shifter”) made it one of the most popular cryptocurrency sites on the WWW.
Despite ShapeShift’s enormous initial success, authorities forced them to start performing KYC and AML verifications because it has been alleged many cryptos with criminal origins were traded at the previously anonymous exchange.
It is rumoured ShapeShift lost thousands of customers because of the mandatory KYC identification.
Voorhees was one of BitInstant’s first collaborators back in 2011.
Two former BitInstant operatives have been sentenced to jail, although Voorhees is in no way related to their sentences (see Forbes article under references).
Video Chat with Erik Voorhees
Erik Voorhees Net Worth
It is estimated that Erik Voorhees is worth U$ 11 million at the time of this writing (not counting inheritance since the senior Voorhees family is worth several million U$).