Online cryptocurrency storage system Dogevault is offline following what appears to be a hack and theft incident where millions of Dogecoin may have been stolen. The site went down shortly after users reported their online wallets were emptied without authorization, and there hasn't been any word from Dogevault.
Dogevault: Much coin, such stolen
The Dogevault server has been shut down, according to Cryptocurrency Times, and users no longer have access to their Dogecoin wallets. A digital wallet has been tracked down with 111 million Dogecoin previously linked to Dogevault, and another wallet now holds 2.6 million Dogecoin.
Assuming the coins can be proven to be stolen, this would mark one of the single largest Dogecoin thefts to date. Victims may have little recourse, and if Dogevault fails to come back online, users who still have Dogecoin stored there will be out of luck, too.
The Dogevault hack is a grim reminder that the cryptocurrency market is still like a wild west back country where nearly anything can happen, and theft is common place. It's also a great example of why many cryptocurrency users store their digital wallets on their own computers instead of trusting online services.