MEW Co-Founder Sparks Crypto Rift with Rival Venture Launch

One of the founders of the popular cryptocurrency wallet service MyEtherWallet.com (MEW), Taylor Manohan, has announced a new company and wallet service called MyCrypto.com. MyCrypto.com is initially a forked version of MEW, but the company said it will launch an enhanced version of the website soon, with desktop and mobile apps expected to arrive in the upcoming months.

Controversy Erupts in Crypto Community as MyEtherWallet Co-Founder Launches Rival Venture

A significant rift has emerged within the cryptocurrency community after Taylor Monahan, one of the co-founders of the popular MyEtherWallet.com (MEW) wallet service, abruptly announced a competing enterprise.

On Thursday, Monahan unveiled MyCrypto.com, a new company and wallet service. Initially, MyCrypto.com is a forked version of MEW, but the company stated that an enhanced version of the website will be launched soon. Desktop and mobile applications are anticipated to be released "in the coming months."

Kosala "Kvhnuke" Hemachandra, the other co-founder of MEW, has not joined MyCrypto.com and remains committed to MEW, which operates as a community-driven service. He maintains control over the GitHub repository, domain, and AWS instances of MEW.

In a post, Monahan expressed:

"MyEtherWallet will continue to be online until it, for whatever reason, is not online. As we do for a number of products in this space, if we at any point determine the domain to be compromised, serving malicious code, or otherwise detrimental to the community, we will do what we can to warn the community and prevent use of that codebase and website. However, we wish the best for MyEtherWallet and hope it continues to be a viable product in this space."

MEW's Significance in the Crypto Realm

MEW has become an indispensable resource for cryptocurrency enthusiasts. Token holders are frequently advised against storing their assets on exchanges due to their susceptibility to security breaches, such as the infamous $500 million theft from Coincheck in January. MEW has emerged as a preferred alternative, gaining widespread popularity among serious crypto enthusiasts due to its compatibility with secure hardware from Trezor and Ledger.

With ICOs reportedly raising over $4 billion in 2017, MEW is estimated to have facilitated a substantial portion of these transactions, although the company does not disclose specific figures.

Concerns and Questions

MEW's popularity has made it a frequent target for scammers, with one imitation even appearing on Apple's App Store. Consequently, there was significant concern when the @myetherwallet Twitter account was abruptly changed to @mycrypto and a new website was announced. Monahan, along with MyCrypto.com co-founder Jordan Spence and their team, who had migrated from MEW, later published Medium posts authenticated by Monahan's Keybase account and uploaded proof photographs on Twitter to confirm the new venture.

MEW has since established a new Twitter account under its previous handle, but Hemachandra has raised concerns that the social media takeover may constitute "unlawful" behavior.

Reasons for the Split

The underlying reasons for the split are not entirely clear, but Monahan's statements suggest that the two MEW founders had divergent visions for the service's future, which initially began as a side project for both of them.

Monahan indicated in her Medium post that the rapid growth of cryptocurrency, particularly in 2017, had taken a toll on her due to the critical role played by MEW. She stated that her sleep, routine, mental health, and other aspects of her life were negatively affected as the surging prices of Ethereum and other cryptocurrencies led to an exponential increase in transactions processed through MEW. Simultaneously, user feedback escalated from 20 requests on high-volume days to thousands.

"The value of Ethereum increased exponentially and so did the stakes. Every potential bug or help query became 'the most urgent thing ever.' Every monumental task finished meant another monumental task started," Monahan reflected.

"2017 saw the end of the side project. 2018 will ensure we have a solid foundation for the product, the company, and the team. It is this solid foundation that ensures our long-term stability and success, in 2018 and beyond," she added.

Diverging Paths: MEW and MyCrypto.com

Hemachandra has stated that MEW will continue operating as before, with an emphasis on providing a community service. Conversely, Monahan appears to be focused on developing a business enterprise centered around the MyCrypto.com service.

Despite public support from BoostVC, MyCrypto.com has confirmed via Twitter DM to TechCrunch that it has "yet" to secure venture capital funding. However, given the substantial adoption that MEW has achieved, it is reasonable to expect that this situation will not persist for an extended period.

Telegram.com, another essential service in the cryptocurrency domain, is currently conducting a $1.2 billion ICO. While MyCrypto.com is unlikely to seek such a substantial funding target, its team has recognized the potential for building a business around the burgeoning cryptocurrency industry.

Disclosure: The author possesses modest holdings of Bitcoin and Ethereum.