Segasec Report: ETH Wallet MyEtherWallet (MEW) Is Prime Hacker Target, More Than Fortune 500 Banks

According to reports from Segasec, a prominent cybersecurity company, the MyEtherWallet (MEW) Ethereum digital wallet has recorded more hacking attempts that Fortune 500 banks. Segasec is charged with protecting MEW from cyber-attacks.

Given the popularity of MEW, it is understandable that hackers would want to breach their security framework, as the wallet holds significant amounts of Ethereum tokens. As a prevention mechanism, MEW has pinned a conspicuous message on its homepage that enlightens users on how to secure their wallets against possible hacks.

Apart from the security basis such as private keys and login credentials, it is important to ensure the overall security of the platform. As per Segasec, there have been over 300 unsuccessful hackings attempts on the MEW platform since they started offering security services to the wallet.

Although the current weekly average is 30 to 40 attempted breaches, Segasec expects this number to grow even further. Concerning this, Elad Schulman, the founder and CEO of Segasec, said that MEW is among the highly targeted crypto institutions worldwide. Moreover, the stats indicate that hackers are targeting the MEW platform more than leading financial institutions.

Before MEW enlisted the services of Segasec, the platform was secured by its founder, Kosala Hemachandra. However, the rate at which the attacks were increasing compelled the company to hire Segasec. Furthermore, the identification of phishing attacks and counterfeit sites posed a serious challenge that would take Kosala and his team several days to accomplish.

The partnership with Segasec is intended for safeguarding the MEW platform and ensuring the security of the users' ETH tokens, according to Kosala Hemachandra. Precisely, Kosala said that MEW is determined to reassure their users of safety, and will do anything required to achieve this goal.

Often, hackers create counterfeit websites that resemble their targets to deceive users. The fake websites are usually broadcasted using various digital channels such as Google Ads, popular websites and social media platforms. The solution to this problem is either taking down the malicious websites entirely or blocking them. In this case, Segasec is currently keeping tabs on over 2700 suspicious websites to ensure that their intended malicious attacks do not materialize.

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