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Bitfi withdraws ‘unhackable’ claim

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Bitfi,a cryptocurrency wallet backed by anti-virus software entrepreneur and POTUS candidate John McAfee, has issued a statement saying it will no longer describe its service as “unhackable”.

The announcement followed the release of evidence by a group of security researchers showing the wallet being compromised.

While this was not even the first time the $120 hardware wallet was hacked, it was enough for Bitfi to strike the “unhackable” claim from its website.

At the end of July, McAfee had announced a bounty programme: following certain rules, a hacker had to get access to Bitfi’s wallet and in return receive a bounty, which was raised by McAfee from $100 000 to $250 000. Eventually, a few hackers, including a fifteen-year-old, rooted the device which is apparently a cheap Android phone. That bounty, which many in the security community deemed a sham, specified that a hack counted only if someone got the coins off the “cut-down Android phone” wallet. Bitfi and John...(continued)
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