MyEtherwallet has been known to be one of the Largest Ethereum wallets in the Crypto sphere and has major encounters and breach of security which puts users tokens at huge risks.
Phishing Attacks have been on the rise with popular exchanges like binance,bittrex and bitfinex always getting cloned by impersonators and most time they still manage to get victims who fall prey to their fraudulent activities.
This Of Course has been one of the major challenges of the crypto sector and new measures are always been put in place to curb this Malicious Attacks.
Kosala Hemachandra, Myetherwallet developer and founder, stated recently that:
“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.”
Contributing to this, Elad Schulman the cofounder and CEO of the security giant Segasec which now handles the security aspect at Myetherwallet has explained his company has been able to stop about 313 attacks ever since its take over of the security of the platform. He also noted that this attacks Continues to grow daily which makes Myetherwallet one of the platforms that is majorly always targeted by hackers.
These attacks could be in the form of login hack of private keys, phishing of the sites and most times this malicious attackers go extreme length by spending hundreds to thousands of dollars in facebook Ads, Google Ads and other social media publicity platforms to get hold of some victims.
They Are Mainly Targeted by Hackers Majorly Because
1) They are the largest ethereum wallet: it is true that we have other providers of decentralized ethereum wallet like Mist and Parity. However, MEW has the largest number of users in the ethereum network.
2) Use of the platform to create decentralized applications: decentralized applications also known as dApp’s could be created with the ethereum blockchain. This has attracted most of the initial coin offerings programs to the platform, even though other platforms like the Stellar blockchain, TRON blockchain, NEO blockchain and others all offer same programs.
3) The largest number of crypto tokens are been hosted in MEW: with MEW, users could easily generate own ethereum wallet address and store coins as well as also crypto tokens worth billions of dollars. Hence, the fight by attackers to hack users accounts and create cloned sites.
What more measures do you think can be used to drastically reduce hack activities in the Crypto Sphere ?