The developers of the John McAfee-backed cryptocurrency wallet Bitfi have released a statement saying they will no longer describe their service as “unhackable.”
This statement appeared after the publication of research results, according to which the wallet had already been hacked earlier. Despite this, McAfee still stands by his position.
Bitfi offered a $250,000 reward to anyone who could hack the wallet. Company representatives indicated that in order to receive the reward, the hacker must steal the bitcoins stored in the wallet.
The research team said it had previously managed to hack the wallet, but Bitfi and McAfee denied this. They said the group would not receive the reward because the cryptocurrency stored in the wallet was not stolen.
Security researchers say the conditions that had to be met to receive the reward were too specific. “At this point, we are discontinuing our work on identifying wallet vulnerabilities due to the understandable disappointment of our employees,” the firm said in a statement. They say there will be a major announcement regarding this situation in the coming days.
Even so, in response to a follower's question on Twitter, John McAfee said his wallet "is apparently unhackable."
Professor Alan Woodford, one of the researchers who carried out the wallet hack, said:
“The security industry is very complex and complex. The public often believes what it says. Despite this, there are some alarm bells that should alert everyone, the worst of which is when the manufacturer claims that their product is unhackable.”
According to https://www.bbc.co.uk
You May Also Like
eBay will start accepting cryptocurrency. Why does the company need this?
The American trading platform eBay plans to start accepting payments for its goods in cryptocurrency - perhaps this will be announced as early as March 10. What benefits does she see from this and what other companies are interested in cryptocurrency in this regard?
Cryptocurrency apps are taking over China
According to a recent analysis by Nasdaq's Jiguang, the number of Chinese citizens using cryptocurrency-related apps has exceeded 7.5 million, a figure that shows a 230.84% year-on-year increase despite severe market volatility.
