On April 25 we have reported that a number of MyEtherWallet DNS servers had been replaced by unknown hackers for redirecting users to a phishing site, and around $150k was stolen.
Finance Magnates interviewed Kosala Hemachandra, the founder of MyEtherWallet, and touched upon the questions of security, user protection, and reimbursement of stolen funds to the users.
In layman’s terms, someone broke the internet to phish MyEtherWallet. For two hours, all the traffic that goes through Amazon servers was redirected to a server in Russia. This happened within the core system of the internet structure.
MyEtherWallet founder stated that they are talking with security researchers, and gathering more information from users on exactly what happened.
[Reimbursing] is not something we’re planning to do because of all these things that happened, and they did get a warning. But, yeah, if the community reaches out to us and they think that it’s our fault in a way, that’s something we can look into for sure.
Moreover, MyEtherWallet team is now making something like a hardware wallet, but for the phone, which will be free to download and to use, and will create a peer-to-peer connection with MyEtherWallet which will be secured and encrypted with a private key.