MyEtherWallet, a popular digital wallet for storing ERC-20 tokens, is facing more threats from cyber-attacks than some of the world’s largest financial institutions, according to a report by Chepicap.
Cybersecurity firm Segasec claims that it is currently monitoring 2746 suspicious domains, and has thwarted 313 attacks related to the wallet since they were hired to help MEW improve its security. According to the report, there is an average of 30-40 attacks on MEW per week.
“These statistics definitely place MEW 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,” said Elad Schulman, CEO, and Co-Founder of Segasec.
While many will point to these figures as evidence of the risks involved with cryptocurrency, the fact that security firms like Segasec are aware of these attacks and capable of stopping them shows the increased vigilance in the crypto space, particularly with larger projects like MEW. The security firm’s innovative solution was even capable of taking down one phishing site posing as the MEW wallet within three minutes of its launch.
According to Kosala Hemachandra, Founder & CEO of MEW, “MEW has been the target of some of the most advanced attacks we’ve seen throughout the history of the internet. However, it has made the security of our platform much stronger; we now implement the best security practices available, not just in the crypto space but the best security available across the entire internet.”