Is MyEtherWallet Safe?
MyEtherWallet (MEW) is a free and open-source interface for Ethereum and ERC20 tokens that enables customers to immediately work together
with the Ethereum blockchain with simply their net browsers. It among the many hottest websites for creating and managing Ethereum wallets, however is it protected??
Just lately, MyEtherWallet was hit with an assault that redirected a few of its servers to a malicious phishing web site in Russia, draining the wallets of unsuspecting victims who used MEW through the hours of the hack. This left many customers to query the security of MyEtherWallet and whether or not they need to proceed to make use of it sooner or later.
So, must you proceed to make use of MEW?
To reply this, we are going to first clarify how MyEtherWallet operates. Making a MEW account will generate a public key and a personal key, neither of that are ever saved on the MyEtherWallet web site.
It’s the sole accountability of the consumer to again up their keys in a protected and dependable place (offline). The consumer can then entry and ship their ETH by way of {hardware} wallets (TREZOR, Ledger Nano S) or immediately with personal keys, mnemonic phrases, or keystore information.
Via an exploit in Amazon’s “Route 53” internet hosting system, the hackers had been in a position to intercept DNS requests for myetherwallet.com to make their very own server seem like the rightful proprietor of the handle. From there, they had been in a position to redirect site visitors to their very own “MyEtherWallet” clone web site, the place victims handed over their personal keys and seed phrases pondering that they had been on the true MEW web site. Luckily, MyEtherWallet recognized the hijacked servers and rapidly rectified the difficulty, and only some thousand {dollars} price of ETH was stolen.
Accessing your pockets with a personal key, keystore file, or mnemonic phrase leaves you weak to those sorts of assaults. In case you occur to land on a phishing web site by way of no fault of your individual, you’ll unknowingly ship full management of your account to the hijackers.
Probably the most safe solution to entry your MEW account, by far, is with a {hardware} pockets. {Hardware} wallets act as a grasp key, and have added layers of safety reminiscent of code scramblers to make sure that your personal keys and phrases are by no means stolen from you. The codes are proven on the display screen of the {hardware} pockets, somewhat than on the display screen of your pc, so an onlooker won’t ever be capable of decipher your combos. In case you had been to entry a malicious web site utilizing a {hardware} pockets, the worst {that a} hijacker may do is redirect an outgoing transaction to his personal pockets. This may be unlucky, sure, however it’s rather a lot higher than having your whole steadiness drained.
Two {hardware} wallets that we extremely suggest are the TREZOR and Ledger Nano S. They’re strong and dependable {hardware} wallets that haven’t failed us but. They permit for simple administration and storage of Ethereum and lots of different cash together with Bitcoin, Bitcoin Money, DASH, ZCASH and extra (Sure, you’ll be able to retailer your ERC20s on them too)!
Briefly, MyEtherWallet continues to be protected to make use of and can stay one of the crucial widespread ETH administration platforms, however it’s essential for customers to know the dangers of inputting their personal keys or passwords into any centralized web site. Hackers are getting craftier each day, and there may be at all times the chance that they’ll study to take advantage of even essentially the most trusted websites reminiscent of MyEtherWallet. To have peace of thoughts that your keys will stay protected, purchase your self a {hardware} pockets and ditch the keystore information.