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.

Irish Drug Dealer Forced to Surrender €52 Million in Bitcoin to Authorities

Michael LaVere
  • An Irish drug dealer was forced to surrender €52 million in crypto to the Criminal Assets Bureau.
  • High Court determined the proceeds to be the result of a crime. 

A drug dealer was forced to surrender €52 million (around $56 million) in cryptocurrency to Ireland's Criminal Assets Bureau (CAB) after the country's High Court determined it to be proceeds from a crime. 

According to the report by Irish news outlet Independent, Dubliner Clifton Collins accumulated more than €52 million in the illegal sale and supply of drugs. Justice Alex Owens ruled that the bitcoin should be forfeited under the Proceeds of Crime legislation, a decision that went uncontested by Collins. 

The report claims authorities discovered a quantity of cannabis in Collins possession after a vehicle stoppage which took place in February 2017. Authorities went on to find a large number of suspected cannabis plants at an address at Farnaught, Corr na Móna. A subsequent investigation by the CAB led the bureau to uncover Collins's extensive holding of crypto assets, which amounted to €52 million. 

The report claims that Collins was an early investor in bitcoin and crypto-assets, which appreciated exponentially over the years. The CAB was able to secure a freezing order on the bitcoin to ensure that it could not be moved from the wallet prior to a court ruling. 

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