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Doge Vault Reportedly Loses $56,000 In Heist

Doge Vault Reportedly Loses $56,000 In Heist

by Brad MerrillMay 13, 2014


Doge Vault, one of the most popular online repositories for the cryptocurrency Dogecoin, has formally acknowledged that it was hacked two days ago.

“On the 11th of May, the Doge Vault online wallet service was compromised by attackers, resulting in a service disruption and tampering with wallet funds,” the site wrote. “As soon as the administrator of Doge Vault was alerted, the service was halted. The attackers had already accessed and destroyed all data on the hosted virtual machines.”

Doge Vault hasn’t disclosed how much was lost, but a newly created Dogecoin wallet shows that 121,550,030 dogecoins have been transferred into it over the last 24 hours. At current exchange rates, that equates to about $56,000.

The notice continues:

We are currently in the process of identifying the extent of the attack and potential impact on user’s funds. This involves salvaging existing wallet data from an off-site backup. We will also closely be investigating potential attack vectors, and determining the security breach which enabled the attacker’s to compromise the service.

Please do not transfer any funds to Doge Vault addresses while our investigation is under way.

Thank you for your patience – we will issue an additional statement including our findings and plan of action within the next 24-48 hours.

Email [email protected] for any enquiries.

Dogecoin made its debut in December 2013. Unlike Bitcoin, Dogecoin has no limit as to how many coins can be mined.

Such attacks have become quite common lately as a result of people failing to heed best practices that encourage users to store only a small amount of currency in ‘hot’ wallets.

About The Author
Brad Merrill
Brad Merrill is the founder and former editor of VentureBreak.