Popular Ethereum Wallet gets targeted more by attackers than Fortune 500 banks: Report
Cybersecurity firm Segasec recently found out that a popular Ethereum wallet, MyEtherWallet (MEW), has had more attempted attacks by hackers than any of the Fortune 500 banks.
The high attack rates are not surprising, given the amount of valuable tokens that are accessed through the wallet. In fact, users are cautioned on the platform’s homepage itself that they should keep their wallets safe, with steps detailed on how to ensure this security.
Segasec is the firm that’s responsible for defending the wallet from malicious attacks. Since the firm started protecting the MEW platform, 313 active attacks were taken down by the company, as per its report. The firm believes that apart from basic security measures that include private keys and login tools, overall platform security is very crucial.
Elad Schulman, CEO and co-founder of Segasec, said that according to statistics, MEW is among the top companies targeted in the crypto world. He added that the platform has been targeted more times than many big businesses, including large financial institutions.
The overwhelming number of attacks were apparently the reason behind handing over the security responsibilities to the MEW platform. Reportedly, before Segasec was recruited, the security of the platform was in the hands of MEW’s founder, Kosala Hemachandra, and his team.
However, identifying phishing attacks and impersonating sites became a hectic task. The team often took days to uncover such issues. Furthermore, the volume of such attacks made it difficult for the team. That’s when Segasec was hired, primarily to secure the platform’s users and ensure the safety of their Ethereum tokens.
According to Hemachandra, “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.”
Image via Shutterstock
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