Update – DogeVault – Never saw a doge

As you may be aware, the online wallet for Dogecoin – DogeVault was hacked and a few hundred G worth of doges vanished and was being investigated. With words on their website of returning 1/3 of the funds, I must say, I never saw a Doge.

Beware of online wallets if you care to get involved with cryptocurrency. With zero regulation, hackers, sheisters, and plain old fashioned thiefs, beware of exchanges, online wallets, or anything else that you don’t have control of, including encryption and backup.

As you graduate from a few cryptocurrencies, be it Doge of Bitcoin, you will want to get a Wallet QT, and when you do, make sure to always test the wallet prior to encrypting it, before you add any real amount of $$ Coinage to it, and then when you have a minute amount, make sure the wallet actually sends with a TEST. Test the wallet to make sure the encryption works. When you have done both tests, you can load the wallet.

But do yourself a favor and get out of the online wallets now. Again, I never saw a Doge. Makes you kind of wonder some times. I mean the website claimed there was an investigation. Really?

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**From the DogeVault website:

Update (20/09/2014) – Account claims for reimbursements are now closed. Existing claims are currently being reviewed; you will receive further instructions via email.

Announcement

We regret to announce that on the 11th of May, attackers compromised the Doge Vault online wallet service resulting in wallet funds being stolen.

After salvaging our wallet we have ascertained that around 280 million Dogecoins were taken in the attack, out of a total balance of 400 million kept in our hot wallet. 120 million Dogecoins have been since recovered and transferred to an address under our control.

It is believed the attacker gained access to the node on which Doge Vault’s virtual machines were stored, providing them with full access to our systems. It is likely our database was also exposed containing user account information; passwords were stored using a strong one-way hashing algorithm.

All private keys for addresses are presumed compromised, please do not transfer any funds to Doge Vault addresses.

Doge Vault.

Posted 15/05/2014

 

 

 

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