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Dogewallet Christmas Hack Results in Lost of Millions of Dogecoins

Dec 26 2013, 12:18pm CST | by , in News | Technology News

Dogewallet Christmas Hack Results in Lost of Millions of Dogecoins
Image Credit: Reddit
/* Story Top Left 2010 300x250, created 7/15/10 */ google_ad_slot = "8340327155";
 
 

Dogecoin is a digital currency that is the poor cousin of Bitcoin. Its storage space on the Net, Dogewallet, underwent a heist which resulted in lost credibility for the founders of the enterprise as millions of Dogecoins were stolen.

After a couple of people noted that their Dogecoins were being stolen online, the site owners decided to close down the main page for repair. Some hacker had been transferring the digital currency from Dogewallet to his own account. Although millions of Dogecoins were pilfered, the net amount that got stolen was only $12,000. 

Dogecoin can’t compare to Bitcoin which is worth much more in monetary terms. A single Bitcoin is worth $700 in real life. Dogecoin and Dogewallet were begun as a curious anomaly in cyberspace. The dog meme inspired this phenomenon which is invested in by many people. However, no one takes it that seriously. But with the theft, this has changed. The complaints are arriving on the message boards with fury and frustration.

Founders will have to explain what exactly was going on. The official Dogewallet website states, "We're incredibly sorry to all users who lost funds from the attack. Please use offline wallets as online wallets are meant for new users who aren't using them as a storage of coins. Offline wallets are more safe and secure than any online wallet due to possible attacks that can originate from anyone, anywhere."

Then there was the investor who lost everything he had and he simply expressed sadness and regret on having trusted Dogecoin. The mismanagement and irresponsibility has really hit the Netiquette of the website hard. Now, it will have to prove that it can repay the clientele who lost their cash through its negligence.

"All invested user balances will be fully compensated first. We'll be working on compensating as much balance as possible that wasn't invested right after (roughly 15-30m can be compensated immediately)," states Dogewallet. And although the owners are promising the return of the lost money, the damage to their enterprise’s image is significant. What they have lost is credibility and like virginity once it is gone it never returns.

Source: DogWallet via BF

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