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.

Crypto Sextortionists Shifting From Bitcoin to Litecoin to Avoid Detection

  • New report shows crypto 'sextortion' scammers are being forced to shift from bitcoin to litecoin in order to avoid email filter detection.

Crypto sextortion and phishing scammers are shifting their operation away from bitcoin to litecoin and other popular altcoins in order to avoid being detected by email filters. 

Cofense, a web security platform that specializes in detecting and preventing phishing scams, released a report outlining a new crypto-based sextortion scam utilizing LTC. According to the report, the typical sextortion scam involves tricking users into believing their computer has been hacked, including their adult-search web history and webcam footage. Users are then forced to pay a ransom in crypto in order to prevent the information from being released publicly.

Cofense claims that many of these operations target users from password breaches, giving more authenticity to the initial phishing email.  However, scammers are being forced to shift away from accepting bitcoin to litecoin and other alts in order to avoid detection by email filters. 

According to the report, 

Previous iterations showed a gradual shift away from identifiable patterns and to alternative crypto currencies, in an attempt to foil SEG bitcoin-detection rules. The current emails appear to be crafted to contain very few searchable word patterns.

Cofense also says that scammers are likely to continue switching the accepted crypto in order to prolong the scam and avoid phishing detection. The security platform encourages users to ignore phishing emails and take precautionary steps with email addresses that have become a target for scams. 

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