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It appears that a large scale hack took place yesterday on MyEtherWallet, in which more than 200 Ethereum were stolen- the amount being worth approximately $140,000.

MyEtherWallet’s Twitter page states that some of the company’s DNS servers were attacked after users were redirected from myetherwallet.com to a phishing website. This site then extracted user data, and as a result, stole some exposed Ethereum.

This is noteworthy as once more, this hack occurred due to only one vulnerability. It is something that should not have happened, but hackers have managed to exploit another small flaw which enabled them to access the system.

Compared to other major hacks that happened this year, 200 Ethereum does not represent such a large amount of money, but, there is a high risk for data and privacy. Security is of utmost importance in this industry, and wallet users have once again let down by their service not being able to protect their data.

“An address linked to the hack has been discovered, and it is currently tagged on Etherscan (Fake_Phishing899) as being involved in the MEW DNS hack. The address has so far conducted 180 transactions and has stolen 215 ETH currently valued at $150,000. According to a post on Reddit, there are indications that the hack may have originated from Russia,” stated BTCManager.

This shows just how dangerous cryptocurrency trading is, not taking into consideration the volatility factor. Hacks and phishing attacks can be prevented in some manner, by using offline wallets to keep crypto assets safe from online threats. But even hardware wallets are not completely safe.

With online wallets, you should take precautionary measures to make sure that the website you are using is reliable and authentic. You should check SSL certificates and keep up to date with news from this industry, so you can stay informed about hacks and attacks to ensure that you can take protective measures ahead of time.

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