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McAfee backed Bitcoin wallet bids adieu to its ‘unhackable’ tag


John McAfee has repeatedly been claiming that the crypto wallet Bitfi is “unhackable.” His conviction about the wallet’s security also led him to challenge the crypto community to attempt hacking it. However, after a series of hacks and proven loopholes in the wallet’s system, Bitfi has finally surrendered the tag defining it to be ‘unhackable.’

Bitfi tweeted on 31st August stating that the wallet would no longer have the claim of it being unhackable. It also recognised the “significant amount of controversy” that this claim had resulted in for the brand. The statement also said that they had intended to “unite the community” along with speeding up the adoption of virtual assets globally.

Along with acknowledging how its branding strategy had been “counterproductive” to the real goal of the wallet, Bitfi also shared that it will be releasing a comprehensive public announcement next week. This announcement will look into vulnerabilities that its researchers have identified as part of the ongoing efforts of the wallet to safeguard its users.

“Effective immediately, we are closing the current bounty programs which have caused understandable anger and frustration among researchers. We acknowledge and greatly appreciate the work and effort by researchers,” added the company in its official announcement.

Further, in an attempt to prove that the wallet could not be hacked, McAfee had challenged all users to a bounty program. This program stated that everyone who was able to hack and empty the wallet would be rewarded with $250,000, which was a revision from its previously offered reward of $100,000.

It remains unclear as to what Bitfi has planned to do about the unpaid bounties to security researchers as there is no mention of the rewards in the public statement on Twitter. However, the official website has been updated and states that the bounty “has been discontinued.” It also says that Bitfi will be announcing a “new bounty program through “Hacker One.”

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