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Author Topic: [Guide] MyEtherWallet Offline Transactions [SECURITY]  (Read 366 times)
Nestade
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June 20, 2018, 07:31:13 AM
Merited by criptix (7), nullCoiner (2), Scheede (2), CoinEraser (1), bitdealer91 (1), Crumple Cat (1), Heisenberg_Hunter (1), Coolcryptovator (1), VolkoB (1)
 #1

Hi,

In this guide I'd like to show you how to do offline-transactions using MyEtherWallet.
By using this method your private-key won't won't leave the offline machine so this is the safest way of sending transactions without a hardware-wallet.

First of all something about your private-key/keystore-file/recovery-seed: Do NOT store this files on your computer which is connected to the internet! If you're getting infected my malware you may lose all of your coins/tokens linked to this private-key. The safest way would be just using your keystore-file on your offline computer to sign transactions and storing your private-key/recovery seed safely on paper. Your private-key and recovery-seed are unencrypted provide instant access to your wallet while the keystore-file is encrypted and requires an additional password.

Requirements:
- a computer which is connected to the internet
- a computer which isn't connected to the internet
- Your ETH public-key
- Your ETH private-key (Keystorefile should be preferred)


Installing MyEtherWallet locally [Do this on the offline computer]

Download the local version of MyEtherWallet from the official MyEtherWallet Github (etherwallet-vX.X.X.X.zip):
https://github.com/kvhnuke/etherwallet/releases

Move "etherwallet-vX.X.X.X.zip" to your offline computer (USB Stick, Smartphone, ...) and extract the content from the ZIP.

Open MyEtherWallet by double clicking 'index.html' - you may have to right-click it, then go to 'Open with' and select a browser; I'd recommend using Google Chrome - you may want to download it on your online machine and transfer it to the offline machine.

Making an offline transaction

STEP 1: [ONLINE] Go to the MyEtherWallet-Website and select the 'Send Offline'-tab (https://www.myetherwallet.com/#offline-transaction). If needed adjust your GWEI according to https://ethgasstation.info/ by clicking on 'Gas Price: X GWEI' in the upper right corner and adjusting the slider to your needs. Then enter the public-address of the sender account into the 'From Address' textbox and click 'Generate'.
Write down the contents of 'Gas Price' and 'Nonce'.



STEP 2: [OFFLINE] Open your local copy of MyEtherWallet, select the 'Send Offline'-tab and scroll down to 'Step 2: Generate Transaction (Offline Computer)'.

Enter the following information:
- To Address: Receiver-address
- Value / Amount to Send: Amount you want to send (it's also possible to send Tokens by clicking on 'ETH' on the right side of the textbox and selecting the respective Token in the dropdown-menu)
- Gas Limit: https://kb.myetherwallet.com/gas/what-is-gas-ethereum.html
- Gas Price: Value from STEP 1
- Nonce: Value from STEP 1
- Data: optional - leave empty if not needed



Now scroll down until you see 'How would you like to access your wallet?' and log in using your preferred authentication-method (I'd recommend using your Keystore-File!) and click 'Unlock'.



Click 'Generate Transaction'

STEP 3: [OFFLINE] You'll now see two textboxes - 'Raw Transaction' and 'Signed Transaction'. Copy the content from 'Signed Transaction' and transfer it to your online computer.



STEP 4: [ONLINE] Go back to the MyEtherWallet-Website and select the 'Send Offline'-tab (https://www.myetherwallet.com/#offline-transaction). Scroll down to 'Step 3: Send / Publish Transaction (Online Computer)', enter your signed transaction, click 'Send Transaction' and confirm it.




Congratulations, you're done Smiley

Sidenote: To check your balance just use https://ethplorer.io/ or https://etherscan.io/ or log in to MyEtherWallet just using your public-key (View only of couse).

If you have any questions please feel free to ask anytime.

Best regards,
Nestade






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Nestade
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June 20, 2018, 08:24:18 AM
 #2

More guides:

MyEtherWallet/Metamask
[GUIDE] Exporting your private-key from ImToken, Jaxx, Eidoo and Parity
[GUIDE] How to import your private-key from another wallet to MEW/MetaMask
[MyEtherWallet] Creating a (new) keystore-file using your private-key

SECURITY
[SECURITY] How to protect your wallets and private keys
[SECURITY] Generate your secure IOTA-Seed without using insecure online-generators

OTHER
Increase your internet-speed and your privacy by using Cloudflare's new DNS

Scheede
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June 20, 2018, 08:34:53 AM
 #3

Hi,

In this guide I'd like to show you how to do offline-transactions using MyEtherWallet.
By using this method your private-key won't won't leave the offline machine so this is the safest way of sending transactions without a hardware-wallet.

First of all something about your private-key/keystore-file/recovery-seed: Do NOT store this files on your computer which is connected to the internet! If you're getting infected my malware you may lose all of your coins/tokens linked to this private-key. The safest way would be just using your keystore-file on your offline computer to sign transactions and storing your private-key/recovery seed safely on paper. Your private-key and recovery-seed are unencrypted provide instant access to your wallet while the keystore-file is encrypted and requires an additional password.

Requirements:
- a computer which is connected to the internet
- a computer which isn't connected to the internet
- Your ETH public-key
- Your ETH private-key (Keystorefile should be preferred)


Installing MyEtherWallet locally [Do this on the offline computer]

Download the local version of MyEtherWallet from the official MyEtherWallet Github (etherwallet-vX.X.X.X.zip):
https://github.com/kvhnuke/etherwallet/releases

Move "etherwallet-vX.X.X.X.zip" to your offline computer (USB Stick, Smartphone, ...) and extract the content from the ZIP.

Open MyEtherWallet by double clicking 'index.html' - you may have to right-click it, then go to 'Open with' and select a browser; I'd recommend using Google Chrome - you may want to download it on your online machine and transfer it to the offline machine.

Making an offline transaction

STEP 1: [ONLINE] Go to the MyEtherWallet-Website and select the 'Send Offline'-tab (https://www.myetherwallet.com/#offline-transaction). If needed adjust your GWEI according to https://ethgasstation.info/ by clicking on 'Gas Price: X GWEI' in the upper right corner and adjusting the slider to your needs. Then enter the public-address of the sender account into the 'From Address' textbox and click 'Generate'.
Write down the contents of 'Gas Price' and 'Nonce'.



STEP 2: [OFFLINE] Open your local copy of MyEtherWallet, select the 'Send Offline'-tab and scroll down to 'Step 2: Generate Transaction (Offline Computer)'.

Enter the following information:
- To Address: Receiver-address
- Value / Amount to Send: Amount you want to send (it's also possible to send Tokens by clicking on 'ETH' on the right side of the textbox and selecting the respective Token in the dropdown-menu)
- Gas Limit: https://kb.myetherwallet.com/gas/what-is-gas-ethereum.html
- Gas Price: Value from STEP 1
- Nonce: Value from STEP 1
- Data: optional - leave empty if not needed



Now scroll down until you see 'How would you like to access your wallet?' and log in using your preferred authentication-method (I'd recommend using your Keystore-File!) and click 'Unlock'.



Click 'Generate Transaction'

STEP 3: [OFFLINE] You'll now see two textboxes - 'Raw Transaction' and 'Signed Transaction'. Copy the content from 'Signed Transaction' and transfer it to your online computer.



STEP 4: [ONLINE] Go back to the MyEtherWallet-Website and select the 'Send Offline'-tab (https://www.myetherwallet.com/#offline-transaction). Scroll down to 'Step 3: Send / Publish Transaction (Online Computer)', enter your signed transaction, click 'Send Transaction' and confirm it.




Congratulations, you're done Smiley

Sidenote: To check your balance just use https://ethplorer.io/ or https://etherscan.io/ or log in to MyEtherWallet just using your public-key (View only of couse).

If you have any questions please feel free to ask anytime.

Best regards,
Nestade


And another high-quality post from your side - thanks again!

Will merit you soon... keep up the good work!

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June 20, 2018, 08:44:59 AM
 #4

And another high-quality post from your side - thanks again!

Will merit you soon... keep up the good work!

Thank you very much!
Let me know if you encounter any problems.

Best regards,
Nestade

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June 20, 2018, 09:12:08 AM
 #5

This is really a very good description and guide. Your contribution is worth saving it into my bookmark. Keep it up and you will certainly collect a lot of merit. I would like to give you more, but I'm now broke.  Wink

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Nestade
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June 21, 2018, 08:37:19 PM
 #6

This is really a very good description and guide. Your contribution is worth saving it into my bookmark. Keep it up and you will certainly collect a lot of merit. I would like to give you more, but I'm now broke.  Wink

Thank you very much! Smiley

EDIT: Just as a small warning to MetaMask-Users:
https://medium.com/metamask/new-phishing-strategy-becoming-common-1b1123837168

Source: https://bitcointalk.org/index.php?topic=4507002.0      (German Subforum)

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June 22, 2018, 06:40:20 AM
 #7

awesome guide, thank you for that great piece of work. maybe i should consider getting an offline PC at home now Roll Eyes

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June 22, 2018, 09:09:12 PM
 #8

awesome guide, thank you for that great piece of work. maybe i should consider getting an offline PC at home now Roll Eyes

Hi, thanks! Smiley
Well, I'm not sure but it may be possible creating a second partition but it has to be isolated from the online-partition (Encryption?).
But if you've got a second PC it would be the safest way - as long as it's still working every crap-PC should work for this - just make sure to have an offline backup of your private-key and/or recovery-seed.

Not sure but I guess there are more cryptocurrencies supporting offline-transactions - maybe some of them aren't even supported by hardware-wallets - I guess I'll do some research about that.

EDIT: [Unchecked] This seems to be a guide for Bitcoin (Electrum-Wallet): https://www.cryptocompare.com/wallets/guides/how-to-make-a-bitcoin-offline-transaction/
EDIT2: May also work for Litecoin and other currencies using Electrum, but not 100% sure: http://docs.electrum.org/en/latest/coldstorage.html

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June 22, 2018, 09:58:53 PM
 #9

This involves a little technicality, I have not really tried this out, but am willing to give it a shot, thanks for the piss
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June 22, 2018, 10:20:27 PM
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 #10

Well, I'm not sure but it may be possible creating a second partition but it has to be isolated from the online-partition (Encryption?).
A USB will solve the problem at hand. Just make sure that the USB where the local copy of Myetherwallet will be stored would not be used and plugged into another computer unless one is certain that it is malware free. You can also follow this guide to create a second partition out of the current local disk that you have(if it is malware/virus free, it will do) and follow this tutorial if you want to encrypt the second partition that you will create.
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June 23, 2018, 12:11:37 PM
 #11

Well, I'm not sure but it may be possible creating a second partition but it has to be isolated from the online-partition (Encryption?).
A USB will solve the problem at hand. Just make sure that the USB where the local copy of Myetherwallet will be stored would not be used and plugged into another computer unless one is certain that it is malware free. You can also follow this guide to create a second partition out of the current local disk that you have(if it is malware/virus free, it will do) and follow this tutorial if you want to encrypt the second partition that you will create.

Hi,

Well - unfortunately you can't be sure a PC is malware-free; that's why everything your private-key is involved should be completely isolated (no access from the online-machine).
I'm not entirely sure but I'd say it should be possible creating a second partition and encrypting it with TrueCrypt*, BitLocker or something similar - just make sure it doesn't get decrypted when booting to your online-machine.

*Note: TrueCrypt isn't supported anymore and supposedly it's insecure - however there we're no security-issues detected in the audits so most likely they got a National Security Letter which forced them to add a backdoor for the NSA or stopping the service. However that's just speculation; but it's most likely more secure than BitLocker which has a backdoor for sure.
There are more TrueCrypt-Clones like VeraCrypt etc. but I guess I'd still stick to TrueCrypt.

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June 23, 2018, 01:39:37 PM
 #12

if you have large sums-you can do so. the only difficulty with ethereum wallet-you never know what to choose the Commission to make the transaction take place. thanks for the instruction

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.........CRYPTO SOUK
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Nestade
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June 24, 2018, 10:50:57 PM
 #13

if you have large sums-you can do so. the only difficulty with ethereum wallet-you never know what to choose the Commission to make the transaction take place. thanks for the instruction

Hi,

Sorry, didn't get that - do you mean the Gas Price?
You can find the recommended Gas Price at https://ethgasstation.info/ (at the moment -- June 24, 2018 21:42 GMT+2 -- you could set the Gas Price to 1 GWEI for Standard confirmation speed and for fast confirmation to 2 GWEI).

For Gas Limit I'm always using 21000 for ETH and 150000 for Tokens - all unused gas will be refunded anyway.

EDIT: https://kb.myetherwallet.com/gas/what-is-gas-ethereum.html

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June 25, 2018, 01:29:29 PM
Merited by Nestade (1)
 #14

If you'd like to use TrueCrypt just make sure to use version 7.1a as 7.2 got no encryption-functionality anymore. And I agree, I'm sure they just received a NSL and had to stop their service or insert a backdoor for NSA and they chose the first option.
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June 25, 2018, 03:59:08 PM
 #15

If you'd like to use TrueCrypt just make sure to use version 7.1a as 7.2 got no encryption-functionality anymore. And I agree, I'm sure they just received a NSL and had to stop their service or insert a backdoor for NSA and they chose the first option.

Hi,

Thank you for your contribution!

If anyone would like to download Truecrypt 7.1a you may want to use this link:
https://www.heise.de/download/product/truecrypt-25104

It's the download-page of a German IT journal and should be free from any malware.

Another source would be https://truecrypt.ch/downloads/    -- however I don't know the site so I can't say if it's 100% trusted or not - better use the first one.

I'd still prefer TrueCrypt over Bitdefender and TrueCrypt-Clones like Veracrypt.

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June 25, 2018, 04:03:05 PM
 #16

Hi,

In this guide I'd like to show you how to do offline-transactions using MyEtherWallet.
By using this method your private-key won't won't leave the offline machine so this is the safest way of sending transactions without a hardware-wallet.

First of all something about your private-key/keystore-file/recovery-seed: Do NOT store this files on your computer which is connected to the internet! If you're getting infected my malware you may lose all of your coins/tokens linked to this private-key. The safest way would be just using your keystore-file on your offline computer to sign transactions and storing your private-key/recovery seed safely on paper. Your private-key and recovery-seed are unencrypted provide instant access to your wallet while the keystore-file is encrypted and requires an additional password.

Requirements:
- a computer which is connected to the internet
- a computer which isn't connected to the internet
- Your ETH public-key
- Your ETH private-key (Keystorefile should be preferred)


Installing MyEtherWallet locally [Do this on the offline computer]

Download the local version of MyEtherWallet from the official MyEtherWallet Github (etherwallet-vX.X.X.X.zip):
https://github.com/kvhnuke/etherwallet/releases

Move "etherwallet-vX.X.X.X.zip" to your offline computer (USB Stick, Smartphone, ...) and extract the content from the ZIP.

Open MyEtherWallet by double clicking 'index.html' - you may have to right-click it, then go to 'Open with' and select a browser; I'd recommend using Google Chrome - you may want to download it on your online machine and transfer it to the offline machine.

Making an offline transaction

STEP 1: [ONLINE] Go to the MyEtherWallet-Website and select the 'Send Offline'-tab (https://www.myetherwallet.com/#offline-transaction). If needed adjust your GWEI according to https://ethgasstation.info/ by clicking on 'Gas Price: X GWEI' in the upper right corner and adjusting the slider to your needs. Then enter the public-address of the sender account into the 'From Address' textbox and click 'Generate'.
Write down the contents of 'Gas Price' and 'Nonce'.



STEP 2: [OFFLINE] Open your local copy of MyEtherWallet, select the 'Send Offline'-tab and scroll down to 'Step 2: Generate Transaction (Offline Computer)'.

Enter the following information:
- To Address: Receiver-address
- Value / Amount to Send: Amount you want to send (it's also possible to send Tokens by clicking on 'ETH' on the right side of the textbox and selecting the respective Token in the dropdown-menu)
- Gas Limit: https://kb.myetherwallet.com/gas/what-is-gas-ethereum.html
- Gas Price: Value from STEP 1
- Nonce: Value from STEP 1
- Data: optional - leave empty if not needed



Now scroll down until you see 'How would you like to access your wallet?' and log in using your preferred authentication-method (I'd recommend using your Keystore-File!) and click 'Unlock'.



Click 'Generate Transaction'

STEP 3: [OFFLINE] You'll now see two textboxes - 'Raw Transaction' and 'Signed Transaction'. Copy the content from 'Signed Transaction' and transfer it to your online computer.



STEP 4: [ONLINE] Go back to the MyEtherWallet-Website and select the 'Send Offline'-tab (https://www.myetherwallet.com/#offline-transaction). Scroll down to 'Step 3: Send / Publish Transaction (Online Computer)', enter your signed transaction, click 'Send Transaction' and confirm it.




Congratulations, you're done Smiley

Sidenote: To check your balance just use https://ethplorer.io/ or https://etherscan.io/ or log in to MyEtherWallet just using your public-key (View only of couse).

If you have any questions please feel free to ask anytime.

Best regards,
Nestade







This is gonna be good but it's too complicated to update our wallet.
I'm okay with using MEW via google chrome MEW extension, it's very good and easy to use.
Every time you want to login, you just have to enter the password and you can view or send ETH from there.

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June 27, 2018, 12:08:09 PM
 #17

This is gonna be good but it's too complicated to update our wallet.
I'm okay with using MEW via google chrome MEW extension, it's very good and easy to use.
Every time you want to login, you just have to enter the password and you can view or send ETH from there.

Hi,

Well, it's not that complicated and I guess most people aren't doing transactions that often - a hardware-wallet would be easier but using Metamask/MEW-Extension etc. is still vulnerable to malware.
And for checking your balance you don't have to log in - just use ethplorer or etherscan or log in using your public key (view only) instead.
Due to the fact that there are enough methods infecting you even with a 'normal' surfing-behavior and your AV will most likely be useless I'd better be careful - at least if I'm storing larger equivalents of money.

To log in to MEW just using your public key go to https://www.myetherwallet.com/#view-wallet-info  and select 'View w/ Address Only' as authentication method and enter your public key instead of your private-key.

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June 27, 2018, 12:22:42 PM
 #18

Some tokens are not listed already when trying to choose that asset to send, can I add new token info when using it offline? I could not do it before.

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June 28, 2018, 07:05:34 AM
 #19

Some tokens are not listed already when trying to choose that asset to send, can I add new token info when using it offline? I could not do it before.

Hi,

Not 100% sure if it's working but I guess it should...

On your offline machine open MEW and go to the 'View Wallet Info'-Tab; log in and add a custom token.
After adding the custom token go back to the 'Send Offline'-Tab and your Token should be listed in the drop-down menu next to 'Value / Amount to Send' (for me it was at the bottom of the list).
However I didn't send a transaction so I can't tell you if it's working like that.

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June 29, 2018, 05:15:43 PM
 #20

Just in case you don't know How to add a custom token to MEW:

1.: Go to the 'View Wallet Info'-Tab and log in
2.: Go to 'Add Custom Token'
3.: Use https://ethplorer.io to search for the contract-information of your token



4.: Enter the address next to 'Contract' for 'Token Contract Address', 'Decimals' for 'Decimals' and 'Symbol' for 'Token Symbol' and save it.



[Screenshots are just examples - couldn't find something that's not listed yet]

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