“Nothing is Unhackable”, Claims a Researcher on McAfee’s Cryptocurrency Wallet

3 min read

The crypto community asks if the Bitfi wallet is “unhackable” or not. The media affirms that John McAfee’s declarations regarding his freshly crypto project are false.

More and more controversies over the Bitfi wallet, headed by programmer John McAfee, have been running lately. The so-called “unhackable” crypto wallet is actually hackable. Despite McAfee’s statements about the high security of the new service, several researchers found security flaws within the wallet’s system, making it vulnerable as other products.

BBC shared the statement published by Bitfi via Twitter on 30 August:

The launch of the Bitfi project enjoyed a promotion that is currently considered little exaggerated by the famous programmer and crypto personality John McAfee. Recently, the platform has announced a $ 250,000 award to the one who manage to hack the wallet’s system. As reported by BBC, a research group has indeed identified security flaws, but the purpose was not to get the prize.

“[…] it stated that the Bitcoin inside must be removed from the wallet – which was controversial among the cybersecurity community as often weaknesses are identified but not acted upon.”

Even so,

“Security researchers had argued that the terms of the bug bounty programme were too specific.”

Bearing in mind this, the group of researchers was not really happy but rather frustrated as mentioned by the media. Regardless of the negative pressure, John McAfee continues to show his fascination for Bitfi wallet:

Alan Woodward, a Surrey University professor focused on cybersecurity and one of the researchers’ group’s members, claimed that the falsity behind McAfee and Bitfi’s team affirmations was no doubt apparent.

“Security can be complex and the wider public rely upon vendors telling the truth […] However, there are certain signals that should immediately ring alarm bells. The worst is if a vendor claims something is unhackable as Bitfi did: nothing is unhackable.”
Elite CurrenSea

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