Dogecoin Vault Is Down Under Possible Attack UPDATE

The Dogecoin wallet could be another victim to cyber robbers

By on May 13th, 2014 10:00 GMT

Doge Vault is down and no one knows why. The popular online wallet where Dogecoin owners can store their virtual currency is having some issues.

The site is currently displaying a message, asking users not to transfer any funds to Doge Vault addresses while they investigate the problems. “We apologize for the downtime, a press release will be posted here within 24 hours,” reads the note.

Doge Vault users have reported Dogecoin withdrawals from their accounts right before the website went offline, making everyone think that this could be a possible heist going on, especially since there have been plenty of these going on in the past months, especially targeting cryptocurrency wallets.

One Redditor is complaining that nearly his entire balance of 950,000 doge was transferred to another address. It seems that most of these coins have been aggregated in a mega wallet containing about 111 million doge, as one report from Cryptocurrency Times indicates.

This could be the proof everyone needs that this is, in fact, a heist. The fact that the site went down makes everyone wonder what Doge Vault is doing about the situation and if it managed to put a stop to this before all customers lost the content of their wallets.

Hopefully, Doge Vault has managed to protect its customers from the attack or the server glitch that has caused the problems, depending on what the real issue behind the downtime really is.

As a reminder, Mt. Gox claimed in its bankruptcy filing that the platform had been attacked by hackers that managed to steal coins worth an estimated $500 million (€363 million). Another Bitcoin bank, Flexcoin, had to shut down two months ago after being hacked.

Dogecoin is a cryptocurrency that has a logo presenting the famous Shiba Inu dog from the “Doge” Internet meme. The virtual currency was launched in December 2013 as Bitcoin prices were soaring. According to plans, Dogecoin founders planned to issue some 100 billion coins in circulation within the first year and to add another 5.2 billion coins every year from there on.

Unlike other similar currencies, Dogecoin’s value isn’t too high. For instance, 10,000 Doge are currently worth $4.63 (€3.36).

For comparison, a single Bitcoin is now worth $440 (€320), although its value once stood at over $1,200 (€872). One Litecoin trades for $10.43 (€7.6), while one Mastercoin is currently being valued at $30 (€21.8).

[UPDATE:] Doge Vault has confirmed the attack. Read more about it here.

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