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MyEtherWallet issue that no one told us about!

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myetherwallet login

If you have been in this space for many years and if you know this MyEtherWallet issue already – more power to you, please give way to the noobs.

We are no noobs when it comes to the crypto space and we were rather shocked and dismayed when we found out about this issue.

What’s the issue?

We were trying to key in our Private Key to log in to our MyEtherWallet. For some odd reason, apparently, we were keying in the wrong alphabet somewhere! (more on this later) and we were logged into someone else’s wallet!!!

Lucky for that wallet, we believe in karma and the wallet had no funds…but that is not a redeeming aspect of this incident at all. It doesn’t give us any comfort that someone might randomly be able to access MEW wallet because of random error.

Fact that we were able to login to someone else’s wallet by some random mistake is very very concerning. I am assuming there are computers, hackers and people with less moral values who might be trying to guess private keys by keying in variations of a known private key.

Once you get in with a private key on MEW – you literally have no one to stop you from doing whatever you want to with the funds.

Is this issue known?

Yes, it is.

Check this response from the MEW support team. To us, this is outright scary. Pay special attention to the highlighted areas.                               ____________________________________________________

If your Private Key is suddenly opening a different public address, this is most likely because one or two characters on the private key have accidentally been changed while inputting it. 

Please visit www.myetherwallet.com/helpers (check for the ‘Secure’ or ‘Inc’ to the left of the URL to make sure it’s our legitimate site!) and scroll to the very bottom of the page.

Here you will see two fields, one for the Private Key you’ve been using, which now opens to a new address, and one for your old Public Address that you are trying to access again.
Enter these two fields in and cross your fingers! You may luck out and get the correct private key back. 

This method doesn’t always work, but I really hope it does for you. If you cannot somehow remember/find your old private key format, there will be no way to access your old address. We do not store that information on our system. The helpers function just serves to scan and match private key/public address pairings that exist on the blockchain itself.

______________________________________________________

Was there an issue with our private key?

Interestingly, there is no issue with our private key because we were able to login just fine when we used Mycrypto app – we were able to login to our own account with the same private key that was landing on a different wallet on MEW.

Does this issue exist with other wallets?

We don’t know.

If it is just a matter of random chance of guessing numbers of a private key – we assume this vulnerability exists for every wallet with private key authentication.

We are no FUDers.  But we are not careless either. We used MEW as example only because we encountered this issue on their platform.

What is the solution?

Problem is, you can always prepare for known deliberate attacks by taking precautions – how do you proof yourself from random guess work?

Even if you have your funds on a hard wallet or whatever form – those methods cannot protect you from someone random guessing of private key combinations?

This is why we need wallets/exchanges with insurance

We foresee an amazing business opportunity for exchanges or paid wallet services that guarantees a hack proof system, unless your wallet gets accessed through your password and 2FA, similar to how a bank insurance works.

When someone withdraws money using your debit card pin – it is usually not covered by insurance.  However, if someone hacks the bank itself and steals your money – bank is on the hook.  Essentially, this security aspect is why people even keep money in a bank.

Similarly, if your funds get accessed using private keys, and since you do not own private keys on an exchange – exchange insurance should be on the hook.  If your funds get accessed through password and 2FA then you will be on the hook.

Crypto exchanges and wallets are not there yet.  We do not yet have an insured exchange or wallet that guarantees safety of retail investor funds.  But when such a service emerges, even retail investors will not mind paying a monthly insurance fees for such a guarantee driven service, in our opinion.

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Bitcoin Adoption: Public Company uses Bitcoin as Primary Reserve, invests $250 Million

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Bitcoin Adoption

Bitcoin Adoption

The weakening US dollar and global unrest is making the case for the resiliency of Bitcoin.

Ironically, Bitcoin came into existence during the last great recession of 2007-2009 and now during the COVID recepression Bitcoin is making its presence known.

MicroStrategy, a publicly traded company, has announced that it has bought over $250 Million worth of Bitcoin to use as its primary reserve.

This is a testament to the belief in resiliency of the Bitcoin’s value.

According to the official announcement “ the largest independent publicly-traded business intelligence company, today announced that it has purchased 21,454 bitcoins at an aggregate purchase price of $250 million, inclusive of fees and expenses. The purchase of Bitcoin cryptocurrency was made pursuant to the two-pronged capital allocation strategy previously announced by the company when it released its second quarter 2020 financial results on July 28, 2020.”

Michael Slayer, CEO of MicroStrategy noted that acquiring bitcoin is part of the strategy to maximize long-term value for its shareholders.

According to Mr. Slayer, the decision to invest in Bitcoin was rather arduous and is a result of months of research and strategizing the next move.

According to him “ MicroStrategy spent months deliberating to determine our capital allocation strategy. Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program ― risks that should be addressed proactively. Those macro factors include, among other things, the economic and public health crisis precipitated by COVID-19, unprecedented government financial stimulus measures including quantitative easing adopted around the world, and global political and economic uncertainty. We believe that, together, these and other factors may well have a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types, including many of the assets traditionally held as part of corporate treasury operations.” 

Pandora box within a pandora box

Investment in Bitcoin by a publicly traded company and a rather transparent announcement of the decision as ‘no-brainer’ strategy is a big boost to Bitcoin.

Now the companies wanting to secure their reserves and possibly maximise the long-term value to their shareholders will be forced to look into Bitcoin.

Even a small percentage allocation of funds by other companies into Bitcoin could result in a hefty demand on the ‘limited’ bitcoin supply, moreso with the recent halving.

Growing demand for Bitcoin from all corners

This latest demand for bitcoin from a publicly traded company as a reserve adds more buy pressure on Bitcoin.

According to Teeka Tiwari, Millennials are expected to inherit over $68 Trillion over the coming years and many of them will invest in Bitcoin.

Now, if companies start diverting some small percentage of their reserve allocation to Bitcoin it could only heat up the demand for Bitcoin.

Here are the places where we are seeing demand for Bitcoin come:

  • Millennials (who form 35% of the workforce today)
  • Inheritances in trillions and expectation of certain percentage of it to go into Bitcoin
  • Institutions like Bakkt, Fidelity, PayPal, Square, etc., offering Bitcoin services
  • Public companies, like Microstrategy, who are looking to invest in Bitcoin as a hedge
  • Exchanges who use Bitcoin as the main trading pair
  • Retail investors who want to own at least a fraction of this scarce asset

We believe that the proclamations of Bitcoin reaching $100,000 or more in next 2 years could become reality sooner than we anticipated.

Thank you for reading and sharing this article. Stay safe and healthy!

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Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

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Crypto News Today #44

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Crypto market is currently on fire.  

Bitcoin, Chainlink and many other cryptos are showing hints of a massive bull movement.  Bitcoin is hovering close to its next target of $12,000.

While the focus is on the bull run that is expected to last for over a year, there are other news in the space that are silently bringing blockchain and crypto to the masses.

Let’s get to them.

NY Department of Financial Services (DFS) releases crypto greenlist 

DFS has issued a list of 10 coins approved for Custody and 8 coins for listing.  This means, any financial institute within NY State approved to do business by DFS can now offer custody services for these 10 coins.  The coins on the greenlist for Custody include:  Binance USD, Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum, Gemini Dollar, Litecoin, Pax Gold, Paxos Standard and Ripple.  Ethereum Classic and Ripple do not appear on the coins approved for listing by the DFS.  “Any entity licensed by DFS to conduct virtual currency business activity in New York may use coins on the Greenlist for their approved purpose(s). Note that if a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use,” DFS stated in the update.

South Korea to use Blockchain for Highway Toll payments

Hana Bank and Korea Expressway Corporation have signed an MOU to introduce blockchain based services on the Highway Tolls.  People can now find out the non-payment of toll along with requesting and processing refunds by simply entering the vehicle number.  “Hana Bank announced that it had signed a business agreement with Korea Expressway Corporation to introduce blockchain technology-based services,” the Google translated news states.

IP Australia and National Rugby League to use blockchain to fight counterfeits

A trust badge using blockchain technology will be used to fight the counterfeits by IP Australia and National Rugby League (NRL).  According to the news, “Under the trial, two of the NRL’s official online merchandise stores, NRL Shop and Savvy Supporter, will be marked with the “trust badge” as visual proof that the website has been verified by IP Australia as authentic. The badge also provides a link to a registered trademark.”  The counterfeits in the sports merchandize is quite an headache for the manufacturers and a dire disappointment for the hardcore fans who pay big bucks for merchandize only to realize they got cheated.

China’s Loudi City to use blockchain to fight crime

China Digital Currency Electronic Payment (DCEP)-Coinzajeera“Blockchain technology creates a weapon to fight crimes,” said the Mayor of Loudi.  According to the google translated news, “Loudi Municipal Party Committee and Mayor Yang Yiwen emphasized the need to improve prevention and control technology and use blockchain when studying and promoting the use of blockchain technology to combat illegal crimes. Technology creates a weapon to combat illegal crimes and accurately combat crimes.” 

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

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We do not endorse or guarantee the accuracy of the information and claims made.

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Crypto News Today #42

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Crypto News this week.

Bitcoin seems to be having a great week this week with it crossing $10,000 and retracing to $9800.

Beyond the price action, a major development happened this week in the crypto space.

OCC clears US banks to offer Crypto custody services in the US

bank crypto custodyProbably one of the biggest bullish news in the US around cryptocurrencies came from The Office of the Comptroller of the Currency (OCC),  which clarified that Banks must provide the custody services to its customers including digital assets.  In a press release, OCC confirmed that: “From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian P. Brooks. “This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”   This move ensures that banks are able to provide custodial services to its customers for cryptocurrencies like bitcoin. This stamp of approval could open up a vast majority of investors ‘dipping in’ to crypto.

MasterCard expands Cryptocurrency program

Mastercard cryptoMastercard announced “the expansion of its cryptocurrency program, making it simpler and faster for partners to bring secure, compliant payment cards to market. Supercharging the partnership experience, cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate program for emerging brands and fintechs, giving them access to everything they need to grow quickly.”  Wirex recently received Mastercard’s principal membership to offer crypto services to the consumers on MasterCard platform.

Visa reveals its outlook on Crypto payment

Visa partners Bitcoin ZapVisa has revealed its outlook on crypto payments on its network.  In a somewhat positive spin on the digital currency move, Visa has praised the advantages of crypto payments, “We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow.”  Visa did point out that there is a lot to do on the legal and policy framework side of things and that Visa has been “Visa has been engaging with policy makers and global organizations to help shape the dialogue and understanding of digital currencies; this includes our work with the World Economic Forum and our collaboration on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC).”

DC Financial Services Law: Bitcoin deemed ‘money’ 

When Larry Dean Harmon tried to argue that ‘he cannot be tried for money laundering’ because Bitcoin is not money.  Well, the federal court tossed his argument out of the window declaring that “Money “commonly means a medium of exchange, method of payment, or store of value,” Chief Judge Beryl A. Howell wrote for the U.S. District Court for the District of Columbia. “Bitcoin is these things.”  While Bitcoin is considered as ‘property’ under the IRS tax laws, this federal court ruling brings to light that Bitcoin is money for in the court of law.  This variation in the eyes of federal law and tax law will potentially continue to exist in the foreseeable future.

ESPN goes Crypto with eSports on Blockchain

Espn crypto paymentsESPN has unveiled its ‘pre-launch’ online gaming on Blockchain enabled for crypto payments.  This platform is expected to facilitate micro transactions. “As per a research done by 3EA Limited, a global strategic management consulting group, e-sports and online gaming is a $140 billion global industry driven predominantly by digital micro-transaction economies, which we believe will benefit immensely from the integrity and resilience of the Blockchain technology,” said Mr. Chris Parker, one of the Directors of ESPN Global.” The ability of Blockchain to facilitate ‘micro transactions’ without the need for central financial institutions could revolutionise the space.   

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Thank you for reading and sharing this article. Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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