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Is it safe to use something like MyEtherWallet to set up a wallet and use that address in your crowdsale contract to receive funds from an ICO (thousands of ether)?

If not, what is the recommended process for safely setting up a wallet and receiving large amounts of ETH?

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  • See also tokenmarket.net/blog/…
    – Mikko Ohtamaa
    Commented Apr 13, 2018 at 13:02
  • Thanks Richard only asked again as I was interested in there being specific best practices regarding a wallet receiving funds from an ICO. My apologies. And Mikko thank you for that, I have read your documents before so it is nice to see someone like you willing to help out so much still to new questions. Would you still stand by your article's recommendation of Parity given its known problems in the past? Thank you both.
    – John Murphy
    Commented Apr 13, 2018 at 13:11

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Safest solution would be having a cold storage wallet (offline wallet).

There are a lot of vendors selling such hardware wallets which are considered very safe such as TREZOR or Ledger Nano.

The issue with MEW(MyEtherWallet) is that everything is sent over the internet including your private key. With Hardware Wallets the private keys are generated offline within the device itself. Additionally all transactions are signed with that private key inside the device and what is sent accross the network is the signed transaction.

P.S. Another solution would be to use a Multisig Wallet which has multiple owners and requires multiple signatures to approve transactions. So that if one private key gets compromise you don't loose your funds.

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