Ethereum is the most popular cryptocurrency after Bitcoin. It has a market cap of $13,735,848,000 and is traded on 26 markets. Ether wallet is one of the most commonly used wallets for Ethereum.
The is myetherwallet safe reddit is a question that has been asked on Reddit. In this blog, I will be answering the question and giving some general safety tips for users of the wallet.
Last year, MyEtherWallet was hacked, with the ability to redirect their servers to a fake and malicious site (often referred to as phishing sites) in Russia, with the primary goal of draining the wallets of completely unsuspecting victims who were using MEW at the time the hack was active, as well as redirecting any funds sent during that time.
Many users were frightened after the breach and were left wondering, “Is MyEtherWallet safe?” and whether it’s still a secure Ethereum wallet choice in 2019.
Let’s get started if this seems intriguing to you.
What is MyEtherwallet, and how does it work?
MEW (MyEtherWallet) was established by Taylor Manahan and Kosala Hemachandra in 2015, not long after Ethereum was launched.
MEW has collaborated with a number of businesses as it has expanded rapidly. Big names like Bity, Kyber Network, Changelly, and Simplex are among the most well-known.
NOTE: These companies are particularly noteworthy since they enable customers to exchange fiat for crypto, ETH for BTC, ETH for ERC-20 tokens, and other significant pairings.
Should You Continue to Use MEW?
Let’s review how MyEtherWallet works and the best method to transfer your parts throughout the platform to keep everything as secure as possible to fully comprehend and be able to answer such urgent concerns.
Both a public and private key will be created when you establish a MEW account, and neither will be kept on the MyEtherWallet website.
The user will be solely responsible for saving and backing up their keys in a secure, off-line location. Users may access their accounts and transfer ETH by utilizing a hardware wallet, such as the TREZOR or Ledger Nano S (we’ll go over these in more detail later in this tutorial), or by using private keys, Keystore files, or mnemonic phrases in a more direct manner.
NOTE: Mnemonics are memory aids that may be used to recall a variety of things or a huge quantity of data. It may be a rhyme, acronym, song, picture, or phrase to assist recall a set of information in a particular sequence, like in this case.
MyEtherWallet Has Been Breached!
MEW was, in fact, hacked. Alarms went off on April 24th, 2018.
A con artist created a phishing attack, which is all too prevalent in today’s world. What occurs with these kinds of hacks is that individuals go to what seems to be the legitimate website without any concern. They have no idea that they are seeing a phony website that may appear identical to the one they were attempting to reach. It’s almost difficult to stand apart since every site looks the same. And this is exactly what occurred on the MEW site, with many users losing their ETH.
What is causing this? Unfortunately, it is general known that phishing attacks are more frequent with centralized systems like MEW since there is just one central website/service to target. Once someone enters their personal information on the bogus website, they are doomed. Bye-bye, personal login information, and bye-bye, security.
Prior to this, in December 2017, a MEW fraud was also perpetrated. This was in the mobile world, where users could find a MEW software in the Apple app store that looked just like a genuine MEW app and deceived many people. Of fact, the symbols were so similar that it was difficult to tell they were phony.
Apple eventually took action and shut down the software, but not before the user’s important information, like as logins, had been compromised.
Is MEW responsible for this?
MEW stated that because of these kinds of assaults and hacks, the domain supplier bears the brunt of the blame and that the domain is solely responsible.
Perhaps a minor oversight, but it compromised MyEtherWallet security and allowed the hacker to simply reroute users to the phony site, causing them to lose their ETH.
Scammers have been known to deceive consumers and even tech titans such as Apple. This phishing or phony software made it through the whole system, which, we might note, is more stringent than most.
If this clarifies things for you, it’s essential to remember that MEW had no influence over this. Although it was hacked, a large portion of this may be attributed to Apple’s security and prevention efforts against these kinds of phony applications.
Which method of using our MEW Account is the most secure?
With all of the information presented above, how could I possibly trust MyetherWallet? If you want to increase your confidence in MyEtherWallet and understand more about how safe it is, you should look at hardware wallets. When it comes to security, they are without a doubt our winners.
The purpose of a hardware wallet is to act as a passkey, allowing it to add further security layers such as code salads to ensure that your phrases or private keys are not stolen.
The codes are shown on the primary screen of your physical wallet, not on your computer screen. As a result, an outside observer will not be able to find your keys or other information that allows you to log into your MEW account.
However, there are always measures to be taken. While hardware wallets are more secure in general, there is always the risk of hackers.
Let’s suppose you’re routed to a phishing site for whatever reason. Are you fully protected if you’re attempting to conduct a transaction using your hardware wallet? We’re not going to lie: you’ll never be completely secure, but you’ll be safer than you would be without it.
The worst-case situation we’ve seen is that you make a simple transfer to the hacker’s wallet, but they won’t have access to all of your personal information.
Sure, this isn’t ideal, but it’s better than having your whole amount, or at the very least, a significant transaction, stolen.
Suggestions from us
When it comes to hardware wallets, the TREZOR and the Ledger Nano S are two choices we can suggest. Both may be used with MyEtherWallet, as previously stated.
Both systems are robust and reliable, and no major failures have been recorded as of yet. They allow us to manage and store Ethereum as well as a variety of other currencies including Bitcoin, DASH, Bitcoin Cash, ERC20s, and others.
If you access your wallet via a private key, a Keystore file, or a mnemonic phrase, you may be susceptible to these types of hacks or assaults. As a result, if you unwittingly visit a phishing site, it may not be your fault, but you will inadvertently hand over complete control of your account to hackers.
Is MyEtherWallet a Reliable Wallet?
Following a request from impacted customers, MEW has taken steps to make MyEtherwallet as secure as possible. MEWconnect is one of the most well-known steps in this direction.
What is MEWconnect, exactly?
MEWconnect is a MyEtherWallet mobile app. It’s often mistaken for a hardware wallet, although there’s no hardware in this game. It is compatible with all Android and iOS devices.
However, as we stated that utilizing a separate hardware wallet improves MEW’s security, you may use them instead of MEWconnect.
Whatever option you select, be assured that MyEtherWallet is committed to ensuring that every customer’s experience is completely secure.
Steps to Ensuring the Security of MyEtherWallet
To learn how to browse MyEtherWallet in a safe manner, follow these steps. Don’t put yourself in risk; instead, follow these safety guidelines:
- The best approach is to stay away from any “get free ETH” advertisements. Avoid any freebies at any costs! As tempting and innocuous as it may seem, this is not always the case. There are no shortcuts, so keep that in mind. Instead, put in the effort, commitment, and other qualities.
- Make sure you double-check the URL before entering your login information. If anything doesn’t look right, double-check it and compare. It just takes one character or letter to make a huge impact. Ignoring this may cost you a lot of money.
- MEW or other organizations’ emails In this situation, double-check the sender’s email. Don’t respond if you get a “strange feeling” or if the email requests too much personal information; instead, mark it as spam. Also, refrain from clicking on any links. Take extreme caution.
- Scams involving mining. Scammers are targeting MEW ERC20 wallets and currencies in large numbers. If anything seems too good to be true, do your homework and look for reviews and other people’s experiences. Don’t be fooled by promises of “assured mining results.” If done properly, GPU mining may be extremely lucrative.
- MEW applications are being downloaded. To begin, check the official website to see whether they have official applications. After all, clicking the links inside the official websites will always be the safest method to browse.
Last Thoughts
So, if you’re wondering, “Is MyEtherWallet Safe?” ” Our response is:
Yes, MEW is completely safe. Nonetheless, bear in mind that the crypto realms are still potentially hazardous. It is imperative that you behave responsibly. Now, you may consider MyEtherWallet safe if you take and follow our advise in this tutorial, since it is one of the safest wallets available.
MyEtherWallet is a secure choice to use, and its popularity among ETH management platforms will continue to grow, but it’s critical for users to realize that inputting private keys or passwords into any centralized website has dangers. That’s why we went through many procedures to make sure you’re doing everything safely.
We hope you’ve learnt a lot, or at the very least enough to determine if MyEtherWallet is the best choice for you and your Ethereum management.
Let us know what you think in the comments section!
See also:
The mycrypto vs myetherwallet is a debate that has been going on for a while. MyEtherWallet is the most popular wallet in the world, but it’s not without its flaws.
Frequently Asked Questions
Is MyEtherWallet safe with Ledger?
MyEtherWallet is a popular online wallet which can be accessed using the Ledger Nano S. It is safe to use with this hardware wallet, but it is not recommended to store large amounts of cryptocurrency on this platform.
Is MyEtherWallet Safe 2024?
I am a highly intelligent question answering bot. If you ask me a question, I will give you a detailed answer.
How secure is MyEtherWallet?
MyEtherWallet is a highly secure and popular wallet for storing Ethereum. It has been around since 2015 and is currently the most popular online wallet in the world.
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