Mutiny aboard MyEtherWallet; MyCrypto’s Hostile Takeover

Mutiny aboard MyEtherWallet; MyCrypto’s Hostile Takeover

MyCrypto Hostile Takeover

MyEtherWallet (MEW) has become one of the most popular Ethereum and ERC20 token storage management tools over the past year, and will continue to exist along with a this new project, Mycrypto, which has an almost identical interface.

MyEtherWallet (MEW), a free, open-source, client-side interface for generating Ethereum wallets & more, announced on twitter the release of an unexpected alternative productMyCrypto.com

That's weird, why would they advertise a competing service?

Well, that tweet was sent by Taylor Monahan, one of the original developers of MyEtherWallet and used her access to the Twitter accounts to advertise her offshoot product and service.

Unethical?

Yes, in every way.

Kvhnuke, the owner and one of the original developers of MEW tweeted this in response:

Taylor Monahan changed the twitter handle without informing, nor obtaining permission from the MEW Team. The MEW scrambled to verify that MEW wasn't compromised and posted this tweet to their user base.

In a blog she post on Medium, Taylor Monahan gave a brief history of the project and the impetus behind her creating MyCrypto, while remaining silent on relations between herself and her fellow co-developer of MEW, Kvhnuke.

“MyEtherWallet LLC was sufficient for the early stages of growth. MyCrypto is designed with next-level scaling in mind from the beginning,” Monahan explained in the post, adding she had spent nine months assembling a team to oversee all operations.

She also added:

“Kvhnuke remains in control of the MEW github repository, the MEW domain, the AWS instances, and the MyEtherWallet social media accounts.”

MEW’s structure has allowed it to avoid the common pitfalls ‘true’ wallet providers have struggled with increasingly as cryptocurrency has gained value and an influx of new users.

Ostensibly designed to serve even more users via a similar setup, MyCrypto will enter public beta testing in the near future, Monahan nonetheless stated she was “terrified” about the road ahead. She continued:

“I was terrified — am terrified — at the potential harm this change will have on myself, the team, and/or the Ethereum community but ultimately, the risks created by continuing down the road we were on are greater than the risks of splitting to a new brand, new company, new name, and new domain. While contemplating this decision, I began to see that my inaction would be the only thing that guaranteed my failure.”

Customers were confused about the switch to MyCrypto.com without warning, until users investigated the reason and found that Taylor was the culprit. Her response to the backlash and unethical decision was posted on twitter:

https://twitter.com/mycrypto/status/961885331183185924

This is now forcing original followers of MEW to follow a different account since the handle has changed.

MEW is formulating a response to the situation but as posted before, they quickly confirmed that MEW was not compromised in anyway.  

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