MyEtherWallet is one of the most popular Ethereum wallets out there. But it is also apparently the beloved target of hackers: According to the cybersecurity firm Segasec, it suffers from more attacks than banks listed in Fortune 500
The company, which aims to fight phishing, pharming, CEO fraud, ransomware and brand-theft, has been responsible for defending MEW from hackers. The latter are active as never, especially since there are large volumes of ETH available on the MEW platform each day. Thus, Segasec has revealed that since it began working for MEW it has fought off more than 313 active attacks, an average of 30 to 40 attacks per week. And the numbers are increasing which is why MEW continuously sends reminders to its customers on how to store their funds safely.
Originally, Kosala Hemachandra, the founder of MEW, together with his team were in charge of wallet’s protection. However, as the number of attacks increased, it became more and more difficult to develop adequate defence measures. Hence they reached out to specialized professionals.
“We want our users to feel safe and we will do everything we can to make that happen, so partnering with Segasec is another major step towards safeguarding our users from malicious actors,” notes Hemachandra.
There are indeed numerous security challenges present in the crypto world. The malicious actors create fake sites and wallets often copycatting the original product. This is what happened to Electrum: The wallet successfully disclosed the malicious nature of Electrum Pro which tried to steal its brand and used google ads to trick customers.
Currently, Segasec is continuosuly monitoring at least 2,746 suspicious domains.
Keeping ego under control
The volume of attacks once again reminds all crypto enthusiasts of how important it is to use crypto with care. This year alone three major exchanges, including Bithumb, Bancor, Coincheck have been hacked causing damage to millions of users. Some like Bithumb have reimbursed their customers but others, like BitGrail, are not so willing. On top of that, some wallets like Bitfi, which claimed to be unhackable, has been identified as hackable within a few months of its release.
Indeed, the security issue is acute in the crypto world. But before you fall into the trap of I-blame-all it is advisable to keep two things in mind. One, and it cannot be repeated enough, you need to transfer your funds to a cold wallet. MEW, for example, allows its customers to place their funds offline. Here is how.
Two, learn to keep your lips sealed. If you post a picture of your jewelry collection online, there is a great chance that you will never see it again. +50% probability if you always tag locations. The same principle applies to the crypto realm. If you keep on behaving like a teenager in a dressing room by spreading the word of how bigger your BTC account compared to another crypto hodler is, you will eventually land yourself in trouble. Google security lead, Mark Risher, feels the same way and cautions crypto traders against boasting of their cryptocurrency portfolio on the Internet.