September 1, 2018

Bitcoin wallet Bitfi withdraws 'unhackable' claim

Amusing to see high technology security firms claim being "unhackable".

Bitfi, a cryptocurrency wallet backed by anti-virus software entrepreneur 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.

However, Mr McAfee maintains that the claim stands.

Bitfi had offered a $250,000 (£190,000) reward to anyone who hacked the wallet.

But 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.

The group claimed to have hacked the wallet once before but Bitfi and Mr McAfee refused to accept their evidence.

They said it didn't qualify for the reward - known as a bug bounty - because none of the digital currency was actually removed.


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