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The Dogecoin debacle and how to avoid losing your virtual coins

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If you haven't heard already, the newest virtual (crypto) currency Dogecoin just got hacked by someone and the bandit made off with $13,000 worth of traders Dogecoins. The hacker was able to break into the file system of the virtual currency servers to send coins to a static wallet. “We’re incredibly sorry to all users who lost funds from the attack. Please use offline wallets as online wallets are meant for new users who aren’t using them as storage of coins. Offline wallets are more safe and secure than any online wallet due to possible attacks that can originate from anyone, anywhere,” Dogewallet posted on Reddit.

Offline wallets are not prone to attacks, but are more susceptible to a person losing it if their hard drive crashes, or they forget a password, or what have you. Online wallets are the ones that were targeted in this hack attack. But luckily only $13,000 was stolen this time, and now the creators of Dogecoin will be working tirelessly to avoid this issue in the future. I personally own 156,312 Dogecoins and have them securely sitting in my Cryptsy account. Any kind of currency should be secure, and it's up to you to take care of it. So my suggestion is keep your virtual currency in offline wallets, unless you are using an exchange such as Cryptsy and the like.

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