Attackers Target MyEtherWallet More than Fortune 500 Banks

According to the Segasec reports, MyEtherWallet has been attempted to hack more than world’s largest banks. The average hack attempt that MEW faced is said to be 30-40 attacks per week.

MyEtherWallet is the leading online Ethereum wallet which stores ERC-20 tokens. Currently, this wallet is facing more threats by cyber-attacks than other world’s leading financial institutions.

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The Segasec, a cyber-security firm shares the recent report on MEW’s average attack. However, they are facing around 30-40 attempts weekly. The team at Segasec is at present observing 2746 suspicious domains. They have already foiled 313 attacks regarding the wallet.

The team recruitment was accomplished to assist the MyEtherWallet in enhancing their security. From quite a time now, Segasec has been liable to protect the MEW from malicious attacks.

Such hacking attempts aren’t a surprise, attackers are aware of the value amount that Ethereum tokens access via the MEW platform. In fact, the users seem to bother by a conspicuous message following the homepage saying how users can secure their wallets.

The CEO and Co-Founder at Segasec, Elad Schulman clarifies,

These statistics definitely place MyEtherWallet among the top companies getting hit in the crypto world. In fact, they have been targeted significantly more times than some of the big names in the enterprise industries, like Fortune 500 banks.

However, there are many that can point to these figures incorporating risk evidence relating to cryptocurrency.  Moreover, the cyber-security firms like Segasec are capable to block such attacks growing the vigilance in crypto space, specifically considering the big projects like MEW.

Additionally, the innovative solution of Segasec took down one phishing site threatening MyEtherWallet within three minutes after its launch. Apparently, the demand to envoy the liability protecting the MEW platform seems to be the key point as an outcome of the coming attacks.

Meanwhile, the recruitment at Segasec, protecting the MEW came into action by its founder- Kosala Hemachandra together with his team. To recognize the phishing attack and impersonate troubling sites, the team needs a couple of days and endless permutations to identify them.

According to the Founder and CEO of MEW, Kosala Hemachandra,

MEW has been the target of some of the most advanced attacks we’ve seen throughout the history of internet. However, it has made the security of our platform much stronger; we now implement the best security practices available. This is not just in the crypto space but the best security available across the entire internet.

The security threats occur in the form of malicious copies targeting sites across several digital channels with an intention to swindle potential users. These might be via any source including particular websites, social media platforms, or even through Google Ads.

However, to maintain the security against such hacks, authorities usually perform:

  • Takedown the malicious platforms
  • Deny their permissions
  • Deceit before users prior to the exposure

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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