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Millions of Dogecoin Stolen Over Christmas

Posted by timothy on from the it's-just-been-hidden-by-the-catecoin dept.

Kenseilon writes "The Verge reports that millions of Dogecoins — an alternative cryptocurrency — was stolen after the service DogeWallet was hacked. DogeWallet worked like a bank account for the currency, and the attackers modified it to make sure all transactions ended up in a wallet of their choice. This latest incident is just one in the long (and growing) list of problems that cryptocurrencies are currently facing. It brings to mind the incident where bitcoin exchange service GBL vanished and took a modest amount of Bitcoins with them. While not a similar case, it highlights the difficulties with trusting service provides in this market."

3 of 132 comments (clear)

  1. What? by Anonymous Coward · · Score: 5, Insightful

    Who cares?
    Dogecoin was originally a satire "cryptocurrency" anyway, the fact that it got "hacked" just prove the point even more.

  2. Wow by ljb2of3 · · Score: 5, Funny

    Such theft. Much mad. Very suprise. Wow.

    --
    // TODO: Witty Signature
  3. Re:Haven't people learned by now . . . by msobkow · · Score: 4, Insightful

    I'd say it's more like carrying around a wad of cash and getting pissed off because it fell out of your wallet. You have no idea what the qualifications are of the people who design and build these crypto-coin websites. It's not like they have any regulatory and testing requirements you can point to as any assurance that they're at all secure.

    The same goes for any black or grey market website. So what if the site uses SSL and is "Verisign Approved" -- that tells you nothing about their back-end security (or lack thereof.)

    --
    I do not fail; I succeed at finding out what does not work.