Review on MyEtherWallet by Ayu Anggraini
Why My Ether Wallet need to improve their security system
MyEtherwallet is one of the largest coin ethereum storage service providers in the world. In 2018 April, Hackers managed to attack MEW's DNS by making visitors seem to enter the MEW site itself but unfortunately the site was not the original MEW site, but a duplicate of MEW. One of the victims is my friend. He has a coin pmnt worth 400 ethereum. And when the hack has occurred, all the coins have been transferred to the hacker's account because the hacker get access into his passphrase or private key and the MEW also does not want to be responsible for compensation because this is not the fault of MEW security system deficiencies. Key store or utc / json file is a way to enter your account, you can also use a private key to access your wallet. I think it is very necessary to add double layer protection like withdrawal code or withdrawal password which sent into user email before user can make withdrawal, move their funds or make transaction. Mew will not store the private in their server and its your responsibility to store it in somewhere safe. In my opinion, sometimes people fall into the website's appearance with beautiful with aesthetic UI design , or features that emphasize decentralization, all of it will not be useful if the security system is not good, although the hackers attacking dns did not occur because of MEW's mistake, it was fatal because it meant that MEW did not have a double layer of security protection other than the initial private key or passphrase.
Pros
- Decentralized wallet
Cons
- Did not have double layer protection
