Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybercrime

Doge Vault Investigates Cyber Attack

The Doge Vault online wallet service was hit by attackers recently, resulting in attackers accessing and destroying data.

According to the company, the attack occurred May 11.

The Doge Vault online wallet service was hit by attackers recently, resulting in attackers accessing and destroying data.

According to the company, the attack occurred May 11.

“As soon as the administrator of Doge Vault was alerted, the service was halted,” according to a statement by the company. “The attackers had already accessed and destroyed all data on the hosted virtual machines. We are currently in the process of identifying the extent of the attack and potential impact on user’s funds. This involves salvaging existing wallet data from an off-site backup. We will also…be investigating potential attack vectors, and determining the security breach which enabled the attackers to compromise the service.”

The amount of Dogecoins stolen in the attack has not been made public by the company, but estimates by some have put the value of the currency at tens of thousands of dollars.

Earlier this year, Bitcoin exchanges Flexcoin and Poloniex were hit by hackers as well.

“Attackers typically go after two types of targets: one, large amounts of financial data such as Target, Michaels Stores and TJ Maxx; or  two, low-hanging fruit like universities that typically do not have strong IT security measures but good amounts of personal data,” said Eric Chiu, president and co-founder of HyTrust. “These new crypto-currency exchanges are a ripe target for both reasons since they can provide a good payday of anonymous digital currency and typically do not have the security measures that say more mature, regulated financial institutions have.”

“Whether crypto-currency, real currency or private customer data, virtualization underpins many critical systems across financial services, retail, government and healthcare organizations,” he said. “Given that virtualization and cloud concentrate systems and data, this also equates to a concentration of risk, resulting in bigger breaches and downtime by compromising hundreds or thousands of VMs rather than one. Protecting the management of virtual infrastructure is imperative given this concentration of risk, especially when these systems play such a huge role in our economy and society.”

Doge Vault has asked customers not transfer any funds to Doge Vault addresses while the investigation is underway. More information regarding the results of the investigation and the company’s “plan of action” will be released in the next 24 to 48 hours, the company said. 

Written By

Click to comment

Expert Insights

Related Content

Cybercrime

Zendesk is informing customers about a data breach that started with an SMS phishing campaign targeting the company’s employees.

Cybercrime

The release of OpenAI’s ChatGPT in late 2022 has demonstrated the potential of AI for both good and bad.

Cybercrime

A new study by McAfee and the Center for Strategic and International Studies (CSIS) named a staggering figure as the true annual cost of...

Cybercrime

The FBI dismantled the network of the prolific Hive ransomware gang and seized infrastructure in Los Angeles that was used for the operation.

Cybercrime

Video games developer Riot Games says source code was stolen from its development environment in a ransomware attack

Cybercrime

Artificial intelligence is competing in another endeavor once limited to humans — creating propaganda and disinformation.

Cybercrime

CISA, NSA, and MS-ISAC issued an alert on the malicious use of RMM software to steal money from bank accounts.

Application Security

PayPal is alerting roughly 35,000 individuals that their accounts have been targeted in a credential stuffing campaign.