Bitcoin successor Dogecoin hacked for first time

Virtual currency Dogecoin that was named after a silly meme had been reportedly hacked for the first time with users' estimated loss of 21 million Dogecoins.

The currency has been described as a potential successor to Bitcoin and the successful hack attack was confirmed by Dogewallet in their Reddit post after users reported disappearing Dogecoins on Doges.com's forum.

According to Tech Crunch, Dogewallet has promised to fully refund all lost coins and has temporarily shut down its site.

Each Dogecoin is currently worth about 0.00057 dollars and the stolen Dogecoins are equivalent to about 12,000 dollars.

Dogewallet said that they are currently looking at logs and have found thousands of attempts to hack their systems by gaining access to Dogewallet's filesystem and modified its send/receive page to send coins to a static address.

The company apologized to the users in its Reddit post and suggested them to use offline wallets as online wallets are meant for new users who aren't using them as storage of coins.