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.

7 Arrested Following Kidnapping and Attempted 80 Bitcoin Ransom in India

Samuel Haig

Six men and one woman were arrested in India on July 14th for kidnapping three people in an attempted ransom that saw the assailants demand 80 bitcoins in exchange for their victims' safety.

The three victims were rescued after being held captive for more than 15 days following a 13-hour search operation of an 11-story apartment in Jaipur, the capital city of India’s Rajasthan state. Five of the individuals arrested are members of a gang based in the North Indian state of Haryana who have been involved with multiple cases of kidnapping, extortion, and robbery.

Kidnapper Accidentally Arrested During Search for Stolen SUV

Deputy commissioner of Jaipur West police, Vikas Sharma, stated that police accidentally encountered one of the abductors during the search for a stolen SUV traced to a township on the Ajmer highway. "When the police team entered the township, a man was seen fleeing. He was caught and upon questioning he told police that three men were held hostage in a flat for several days," he stated.

After using CCTV footage to identify the apartment blocks in which the captives were being held, deputy commission Sharma stated that  “Police teams from six police stations and commandos from anti-terror squad were called in for a search operation.”

The seven individuals arrested were identified as 21-year-old Jitendra Kumar, 22-year-old Deepak Kumar, 19-year-old Anupam Soni, 20-year-old Pawan Kumar, 19-year-old Bhawani Singh, 19-year-old Rahul Kumar, and 24-year-old Lokendra Singh. All of the kidnappers are from Haryana except for Lokendra Singh, who is from Rajasthan.

Jaipur police are yet to determine whether other individuals were also involved in the kidnapping.

Victims Were Tortured While Held in Captivity

Jaipur police revealed the identities of the three rescued individuals as 19-year-old Luftan Shaikh of Mahrashtra, 44-year-old Malang Shah of Andhra Pradsh, and 36-year-old Mohammad Shazad of Rajasthan.

Deputy commissioner Sharma stated that “The gang kidnapped Shaikh and Shazad, two bitcoin traders, and demanded 80 bitcoins worth ₹8 crore (approximately $1,165,880). Shah was kidnapped two days later. The gang demanded ₹10 lakh (roughly $14,573.50) from his family members.”

Luftan and his friend Shahjad were lured to Jaipur under the guise of an offer the purchase BTC below market value via an in-person transaction, while Shah, who operates a trust, believed he was traveling to Jaipur to negotiate a contribution.

Deputy commissioner Sharma stated that the kidnappers “wanted to extort money from the trio. They held them hostage in the flat and had threatened to kill them if the demands were not met. The victims told police of being badly beaten with “belts, sticks, and other things” during their captivity, with one individual left unable to walk properly.

Jaipur police also seized “two pistols, one country-made gun and three SUVs” during the operation.