MyEtherWallet Has More Attempted Attacks Than Fortune 500 Banks

Sep 18, 2018 at 08:24 Update Date :Feb 27, 2019 at 07:46 UTC

Segasec, a cybersecurity firm who is responsible for defending MyEtherWallet (MEW) from malicious attacks has stated that Ethereum Wallet MyEtherWallet has recorded more attacks by hackers than Fortune 500 banks. It is estimated that MEW is facing 30-40 hack attempts per week.
MyEtherWallet stores ERC-20 tokens and are the leader in Ethereum wallet. But, it is facing more cyber attacks than any other world’s financial institution.
The Segasec has made a team to foil the attacks. At present, the team is observing 2746 suspicious domains. So far, they have baffled 313 attacks. MyEtherWallet’s security is also an objective of the recruitment team. As attackers are aware of the value amount of Ethereum tokens, therefore, such attacks shouldn’t be a surprise.

Elad Schulman, CEO and Co-Founder at Segasec, said that such statistics had placed MyEtherWallet among the top companies getting thrashed by such attacks in the crypto world. They have been targeted more times than the big enterprises like Fortune 500 banks.”

Blocking such attacks isn’t a herculean task for Segasec. Moreover, by an innovative idea, Segasec has taken down a site (which proved to be a threat to MyEtherWallet) within a few minutes after its launch. Therefore, the demand to protect the MEW seems to be the key point to consider after such attacks.
Kosala Hemachandra, founder and CEO of MEW, with his team at Sagasse came into action to recognize the phishing attempts and sites. The team needs a couple of days and diverse ways to identify such threats.
Kosala Hemachandra stated that MEW had been a target of the most advanced attacks seen in the history of the internet. However, it helped the firm to strengthen the security of the platform. They now can implement the best security practices. Not just in the cryptocurrency world but all across the Internet.

The security threats occur because malicious sites spread across various digital platforms like social media and Google Ads. Before users before such exposure authorities should take down the malicious sites and deny their permissions.

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