MyEtherWallet (MEW) Overview

MyEtherWallet (MEW) is a free and open-source wallet that empowers users to securely store their cryptocurrency and initiate transactions. It distinguishes itself from conventional web wallets where cryptocurrency is stored on third-party servers. In MEW, users have the capability to create their wallets and conduct transactions through MEW's full node. This wallet generation also enables users to receive funds, with the added advantage of maintaining control over their private keys. MEW users establish a password, providing dual security in the form of both a password and a private key.

Focus on Ethereum

As the name suggests, MEW primarily caters to Ethereum and tokens built on the Ethereum blockchain, including ERC-20 tokens and ERC721 tokens. While its support for cryptocurrencies is somewhat limited, MEW remains a popular choice within the Ethereum ecosystem. It's worth noting that MEW may not be the most user-friendly option for beginners, but comprehensive online tutorials are available to assist users in navigating the platform.

Integration with Devices and Wallets

MEW offers compatibility with various devices and other wallets, including hardware devices like Trezor and browser wallets like MetaMask.

Security Measures and Recent Incident

MEW recently experienced a security incident where some users fell victim to hacking after being redirected to phishing sites and providing sensitive information. Substantial funds were lost in this incident. However, MEW responded effectively and promptly, rapidly notifying users through all available communication channels. MEW also takes proactive measures to prevent phishing scams by displaying pop-up reminders to users each time they visit the website, encouraging them to verify the URL's authenticity.