AdobeStock 145937906 775x500 - MyEtherWallet Reportedly Targeted By Attacks Almost Daily

MyEtherWallet Reportedly Targeted By Attacks Almost Daily

The famous Ethereum wallet, MyEtherWallet (MEW) has been attacked more than any other Fortune 500 banks according to Segasec. Segasec is a cybersecurity firm that has defended MEW from different malicious attacks.

MyEtherWallet Targeted by Attackers

In the last several months, some virtual currency companies have been targeted by attackers. Most of the times, firms were able to defend against them. However, exchanges such as Coincheck or BitGrail have lost millions of dollars after being hacked.

This time, Segasec reported that the MEW platform has been affected by hundreds of attacks in the last months. As per the cybersecurity firm, it has taken down an average of 30 to 40 attack attempts per week.

Elad Schulman, CEO and Co-Founder of Segasec, said that MEW is one of the top companies getting hit in the world. Indeed, it has been attacked more times than large financial institutions such as banks.

Kosala Hemachandra, MEW founder, has been working with its team to defend MEW from external attacks. Hemachandra said that the partnership helps secure the platform and users’ funds.

About it he mentioned:

“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.”

Most of the times, attackers create a similar website to MEW and share it in several sites and social media. Moreover, they sometimes use Google Ads to attract new users that might not realize the website is fake.

In general, it is necessary to take down such malicious platforms, block them or warn users about the situation. Segasec is currently monitoring more than 2500 suspicious domains.

Back at the beginning of the year, the cryptocurrency exchange Coincheck was hacked. The company lost over 523 million NEM (XEM) coins worth around $500 million dollars at that time.

BitGrail, has also been hacked, losing $195 million dollars in NANO tokens. The situation happened at the beginning of the year and local authorities are still working to solve the issue.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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