‘Unhackable’ Wallet Reportedly Breached, Hackers Claim to Meet Bounty Conditions

A number of researchers claims to possess hacked the Bitfi wallet, the Next Web reported August 12.

Bitfi’s executive chairman, cybersecurity leader John McAfee, has predicted it “the world’s first unhackable device.” To establish that his claim, McAfee contested security specialists to breach the device to get a $100,000 Enforcement beginning July 24.

Bitfi is a mechanical device, or hardware wallet, which affirms”an infinite amount of cryptocurrencies,” and revolves round a user-generated keyword rather than a traditional 24-term mnemonic seed which needs to be written down. Additionally, Bitfi is supposed to be”completely open-source,” meaning the consumer remains in control of their capital “even if the manufacturer of the wallet no longer exists.”

Though several tries to hack on the wallet have been created since then, not one of them fulfilled the bounty’s terms and the wallet has apparently been completely breached till now. The researchers asserted they could successfully ship authorized transactions together with the wallet, asserting they fulfilled the terms of this bounty program by changing the device, linking to the pocket server, and transmitting sensitive information using it. Security researcher Andrew Tierney stated:-LRB-******************)

The investigators allegedly obtained complete access into the unit two weeks before, and they’ve already been closely tracking it, such as the information being shipped from their wallet. They assert to the unit remains attached to this Bitfi server). Tierney advised the Next Web:-LRB-******************)

Earlier this month ), Bitfi CEO Daniel Keshin wrote into Cointelegraph concerning the alleged hack by fifteen-year-old Saleem Rashid. Khesin stated:-LRB-******************)

Original post first appeared in https://cointelegraph.com/news/unhackable-wallet-reportedly-breached-hackers-claim-to-meet-bounty-conditions

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