MyEtherWallet Launches Mobile ‘Hardware Wallet’ App Beta for iOS

  • ETH wallet interface MyEtherWallet has launched a beta version of its "hardware wallet" app, 
  • The app will reportedly allow users to access their funds without entering their private keys.

Popular Ethereum wallet interface MyEtherWallet (MEW) has recently launched a mobile ‘hardware wallet’ app for iOS, still in its beta version. The app, MEWconnect, is set to allow users to protect their funds as if they had a hardware wallet.

According to a recently published blog post, MyEtherWallet’s app is still in its infancy and, as such, this version is to be used for testing and debugging. The service asks users not to “use [the] beta version as a permanent ETH storage solution.”

The app essentially lets users log into the service without using their private keys, a significant security addition given the phishing attacks that have plagued the crypto ecosystem. MEW itself was hit when hackers attacked the internet’s core infrastructure to swindle its users.

Per the organization, the MEWconnect app gives users the “security of a cold-storage wallet on your mobile phone.” Its post reads:

We want to provide you with an instant and secure way to store and exchange ETH, while at the same time facilitating wider cryptocurrency adoption. We believe MEWconnect is that missing link the Ethereum community has been looking for.

MyEtherWallet

A stable version of the app for both iOS and Android is set to be released in August. Cold-storage solutions like Trezor and Ledger wallets are seen as the best way crypto enthusiasts have to secure their funds, but can cost between $90 and $200. The MEWconnect app, however, will be free.

Speaking to TechCrunch, MyEtherWallet founder Kosala Hemachandra revealed the service has also launched a bug bounty program along with the beta version, so users can help test the app and improve its security. Rewards for submitting a bug will vary between $250 and $2,000.

In the future, the app could add payment options and other features. Notably, as CryptoGlobe covered, the release comes shortly after MyEtherWallet added ETH credit card purchases through a new partnership.

A rival service, MyCrypto, which took over MyEtherWallet’s Twitter account when it launched in what was deemed a “hostile takeover,” is also looking into ‘hardware wallet’ app solutions as it currently supports the Parity Singer app.

Bitpoint Reveals Breakdown of Funds Stolen and Pledges Reimbursement After Hack

Neil Dennis

Japan's Bitpoint cryptocurrency exchange has published a breakdown of the assets lost in this month's security breach where hackers stole around Y3 billion ($28 million), and has pledged to reimburse customers.

A document published by parent company Remix Point on Tuesday showed that of the Y3.02 billion stolen, Y2.6 billion belonged to customers, while Y960 million were company-owned assets.

Here's the full breakdown:

  • Bitcoin BTC1,225 - total stolen worth Y1.53 billion at the time of attack: Y1.28 billion belonging to customers and Y250 million to the exchange
  • Bitcoin cash BCH1,985 - worth Y70 million at time of attack: Y40 million customer owned and Y30 million exchange owned
  • Ether ETH11,169 - worth Y330 million at time of attack: Y240 million customer owned and Y90 million of exhange's
  • Litecoin LTC5,108 - worth Y500 million, with about Y40 million in customer funds
  • XRP28,106,323 - worth Y1.03bn at the time of attack of which around a quarter were customer funds

Reimbursement

Remix Point added in its Tuesday statement that it would reimburse customer losses, compensating them in lost cryptocurrencies rather than their fiat equivalent.

The exchange revealed on Sunday it had already tracked $2.3 million worth of stolen tokens. Reported by Finance Magnates Bitpoint said it had recovered the funds and reabsorbed them.

Bitpoint said last week's security breach occurred due to unauthorized access to private keys of its hot wallets and now intends to move all holding into cold storage, where no breaches of security had been detected.

Co-operation With Regulators

Remix Point said in the document published on Tuesday that it was co-operating with self-regulatory body, the Japan Virtual Currency Exchange Association, to help establish better security measures across the industry.

It requested the association, along with its exchange rivals, monitor any suspicious activity in the coming days that might involve the deposit of funds potentially associated with the incident.