MyEtherWallet Suffers More Attacks Than Fortune 500 Banks

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Here’s a question for you, between a leading cryptocurrency wallet and a Fortune 500 bank, which of the two is most targeted by hackers? Surprisingly, it’s not the bank as most would think. According to leading cybersecurity company Segasec, MyEtherWallet (MEW) has suffered more hacking attacks than any Fortune 500 bank.

MEW Feels the Heat

On the surface, this certainly seems like a surprising statistic. Yet, if you dig a little deeper you’ll find that maybe there is a little more to this than meets the eye. When you think of the sheer number of costly tokens that are accessed through MEW, maybe this information shouldn’t be as startling as it appears. MEW even take the step to say that users should act with caution, keeping the wallet safe – this warning is made pretty clear on the platform’s homepage.

Segasec Steps Up

When it comes to security, Segasec is a widely known name in the cryptosphere, with it being the company responsible for protecting MEW from illicit third parties. Proving its worth, Segasec has protected MEW form more than 300 attacks, which shows to what extent MEW – along with other leading Ethereum wallets – are being targeted. Through its recent report, the firm feels that while simple security measures such as login tools and private keys are a great foundation, overall platform security that goes beyond this is pivotal to a wallet’s success. When you consider how many crypto hacks have occurred lately – including attacks on exchanges such as Bancor and Bithumb – Segasec’s way of thinking certainly makes sense.

Numbers Don’t Lie

Segasec CEO Elad Schulman feels that the statistics prove that MEW should be talked about as one of the leading companies within not just the Ether space – but within the cryptosphere overall. He argues that not even big businesses are being targeted to the same extent as MEW, which only cements its prominence. He also explained that it was the overwhelming number of attacks that triggered MEW’s decision to hand over security responsibilities to Segasec. It’s rumored that before this decision was made, it was actually MEW founder Kosala Hemachandra and his team that was handling the security of the wallet.

What’s Best for Business

Crypto wallet security is a notoriously hectic task, so it’s no surprise to hear that the company has shifted its responsibilities elsewhere. Under the previous setup, the team struggled to keep pace with the volume of attacks, with it taking days to detect defects in the system. Hiring Segasec became an essential decision when it came to ensuring the safety of Ethereum tokens held within the MEW platform.
Speaking about how Segasec could further the reputation of MEW, Hemachandra said, “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.”