Posted on the company's official blog, ShapeShift said that the overall article contains factual inaccuracies and has omitted significant details regarding how ShapeShift operates. The piece shows a misunderstanding of blockchain transaction operations, it added.

As CCN reported, the WSJ article titled "How Dirty Money Disappears Into the Black Hole of Cryptocurrency", traced funds from more than 2,500 wallets that has faced accusations on courts for their involvement in criminal activities. The report alleged that ShapeShift has been processing $9 million out of the suspected $88 million over a two-year period.

"A North Korean agent, a stolen-credit-card peddler and the mastermind of an $80 million Ponzi scheme had a common problem. They needed to launder their dirty money. They found a common solution in ShapeShift," the article stated.

To this, the firm has reverted back saying that ShapeShift has been working with WSJ for five months, accommodating their queries, while the media giant has misrepresented their intentions. Erik Voorhees, CEO ShapeShift said,