Controversy on Twitter erupted last month when teenage hackers claimed to experience successfully hacked into Bitfi’s ‘unhackable’ wallet merely hours after Bitfi had raised its hacking bounty program from $100,000 to $250,000. Bitfi’s executive chairman, John Mcafee, who had played a crucial role to advertise the unhackable wallet campaign, followed an epic week-long rant on web 2 . 0 claiming the hackers were ‘trolls’. The bounty had never been paid, and Bitfi has?announced now that it has terminated its bounty program and removed the ‘unhackable claims’ from the branding.
“Effective immediately, we are closing the prevailing bounty programs seem to be caused understandable anger and frustration among researchers,” said Bitfi. “We acknowledge and greatly understand the work and effort by researchers. In this public announcement in the near future, we be ready to confirm the final status associated with of our current bounties plus provide very specific action items on our future product roadmap.”
How Bitfi Wallet Got Here
On July 31st, teenage hackers @cybergibbons and @OverSoftNL had the ability to gain root accessibility ‘unhackable’ Bitfi wallet.?By achieving root access, Cybergibbons and Oversoft were both ready to inject keyloggers in the Bitfi wallets completely undetected. In the event anyone ever used one of them compromised Bitfi wallets they can be, “completely pwned,” said Oversoft.
To folks that say the people hating on Bitfi don't get one in their hands.
Look at this.
Guess what? This mobile phone has no idea it's been tampered with. pic.twitter.com/7pbEyhViFy
— Ask Cybergibbons! July 31, 2019
Short update without going into too much detail about BitFi:
We have root access, a patched firmware and will confirm the BitFi wallet still connect happily in to the dashboard.
There ‘re no checks constantly in place to prevent they love claimed by BitFi.
— OverSoft August 1, 2019
Despite, gaining root access, Bitfi lasted clear that no bounty reward could well be paid out. Cryptocurrency advocate and Bitfi Executive Chairman John Mcafee resolved to go on a Twitter tirade stating that the hacking claims were “bullshit”. In line with Mcafee, although the wallet have been compromised, gaining root access don’t technically satisfy the terms of the Bitfi bounty program.
The FUD around the unhackablility of the BitFi wallet, part 1: pic.twitter.com/LNgteEqR30
— John McAfee August 2, 2019
In accent terminating its quarter-million dollar bounty program, Bitfi has decided to remove the ‘unhackable’ claim through the branding.
“Effective immediately, we will be removing the ‘Unhackable’ claim from branding which includes caused a significant amount of controversy,” Bitfi announced. “While our intention is actually to unite the neighborhood and accelerate the adoption of digital assets worldwide, young children and can that much of our actions have been counterproductive for that goal.”
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15 years old hacker plays Doom over a Bitfi Wallet
Bitfi underwent a bombardment of bad press within the weeks following Twitter controversy. Many on social media began to label the Bitfi wallet a gimmick. One Twitter user concluded the wallet was “only a cheap android phone with virtually no secure element”.
Things reached an apex when 15 year old hacker @spudowiar posted a video clip on Twitter of him playing Doom for a Bitfi wallet.
In recognition of @Bitfi6 and @officialmcafee and the prestigious @PwnieAwards accolades, we'd prefer to show you @spudowiar playing DooM on his #BitFi secure wallet! Congratulations! pic.twitter.com/50qZZu1MnF
— Abe Snowman – MMG3 August 9, 2019
Bitfi has since hired a professional security manager to undertake the wallet’s numerous vulnerabilities. Moving forward, the company plans on launching a conventional bounty program through Hacker One.