Dogecoin, the Virtual Currency Inspired a Meme, It Has Been Hacked

2013 was the year of many things, including the Bitcoin. The encrypted virtual currency has been around longer, but it was in 2013 that she ended up in headlines around the world and became better known – both suffered an absurd valuation: on the first day of the year a Bitcoin worth $ 13.50; in early December, it spent the $ 1,200.

But Bitcoin is not the only of its kind: the best known is perhaps the litecoin, which also has grown in importance and market value of non-regulated and encrypted currencies. And in early December, another was created not for winning new fans: the Dogecoin.

The name seems familiar? It is because it was inspired by a meme, the Doge, the Shiba Inu that talks about Comic Sans colorful and all wrong.

The Dogecoin was created in a partnership between two guys and started in late November. One is Jackson Palmer, who works in marketing Adobe in Australia and had the idea (it was kind of a joke, actually) to create a coin with the dog’s face. The other is Billy Markus, who was working in the code of Bitcoin to develop a new currency when he found the idea of Palmer.

The new currency has gained popularity on Reddit (as well as the meme) and is the forum pages that reside the main exchanges of information on their operation.

Some of the main differences of Dogecoin regarding Bitcoin is its much shorter mining time and total coins will be manufactured – one billion, against 21 million of Bitcoin. You can also mine Dogecoins without toasting your machine’s processor, since the equations are simple and can be easily resolved by the browser.

Because of its ease of mining, the charism of the Shiba Inu and practice tipping virtual (similar to giving a tip for something nice that someone did), the Dogecoin came to have appreciation of 250%. Remembering: it exists for about a month. Its current value is about $ 0.000554.

Very robbery. wow

On 25 December, one of the investors Dogecoin won a Christmas Greek big present: your virtual wallet, hosted in Dogewallet, was hacked. Approximately one million Dogecoins stolen. He asked for help on the official forum to find the thief and several others said they had the same, with smaller amounts, but all pointing to the same address Send / Receive. The result of the hack: 30 million Dogecoins are gone, the equivalent of about $ 12,000.

Something similar happened to Bitcoin in November, when a site offering virtual portfolios was also hacked and the equivalent of millions of dollars simply disappeared. As transactions are untraceable, there was nothing you could do.

It emerged a theory that would be a stroke of Dogewallet not a hack – something plausible when it comes to a currency that has a meme as poster boy, right? But it seems that more than one virtual wallet service was hacked and the official version is still that what actually happened it was a failure security that allowed someone or a group to handle shipments and Dogecoins receipts.

So much so that it was promised that the losses will be compensated. In any case, it was also initiated one campaign to raise Dogecoins in the community and send them to whom it was stolen, if the “official” compensation does not occur. The site was taken down and the staff said that checking the logs, discovered several attempts to break into the system. The Dogewallet will return soon, with improved security protocols. Until then, the tip for those who have invested or plan to take advantage of the low to invest in Dogecoins is offline use portfolios to store large amounts of Dogecoin, as they are more secure.