MyEtherWallet Is Prime Target of Hackers, Than Top Banks

It is generally perceived that big banks and financial institutions are prime targets of hackers. However, information revealed by Segasec, a cybersecurity firm tasked with defending MyEtherWallet (MEW), indicates otherwise.

Segasec has stated that Ethereum Wallet has been facing more intrusions than Fortune 500 banks. The cybersecurity firm further told that MEW faces between 30-40 hacking attempts per week.

MyEtherWallet, a leading provider of Ethereum wallet, is offered to store ERC-20 tokens. Ironically, it faces more cyber-attacks than major global financial institutions.

Segasec, which has assembled a team to counter attacks, is presently monitoring 2746 suspicious domains. As of date they have curtailed 313 attacks. This isn’t a surprise considering the number of Ethereum crypto held by the wallet and its corresponding value.

Commenting on the attacks, Elad Schulman, CEO and Co-Founder at Segasec, said

“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.”

Segasec, however, is specialized in blocking attacks. Through an innovative measure, within minutes after launch, Segasec dismantled a site which remained a threat to MyEtherWallet. Therefore, protecting MEW is the main objective of Segasec.

Kosala Hemachandra, founder and CEO of MEW, opined that MEW remains the target of the most advanced attacks seen in the internet history.

Most of the security threats happen because of sites that spread malware across social media platforms or through Google Ads.