BitFi, a McAfee backed wallet has been attacked by security researchers as they believe that its claims of being ‘unhackable’ are false.

McAfee Backed Wallet Attacked by Experts for Unhackable Claims

BitFi, a McAfee backed wallet has been attacked by security researchers as they believe that its claims of being ‘unhackable’ are false. When the BitFi hardware wallet was introduced in June, it was marketed as the ‘first truly unhackable wallet’ promising ‘impenetrable security’ and an operation ‘without any risk of loss’. It also claimed to offer greater security than any other type of storage including cold storage.

John McAfee, the founder of McAfee Association, a computer anti-virus company, backed BitFi’s claims. He said,

Of all today’s elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet. Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means. No other hardware wallet has ever been built to this level of sophistication.

BitFi was faced with very negative initial reviews, with one expert stating,

My conclusion is that their product is most charitably described as a ‘footgun’,” meaning a device designed for shooting yourself in the foot. McAfee, which is known for being a shill in the crypto community but has credibility to lose in the cyber security space as an anti-virus pioneer, shoot back by labeling critics as “haters” and negative reviews as “fake” because they were based on Bitfi documentation rather than examining the actual device.

McAfee has told these critics to try and hack the wallet and whoever is able to will receive a $100,000 bounty. Therefore, security researchers have gotten their hands on the device and are examining and experimenting with it to figure out how to hack it. According to collaborative efforts, the hardware of the wallet is that of a Chinese mobile phone without the sim and the camera. And the firmware includes a Baidu GPS/Wifi tracker, a malware suite and a tracker that can log all the activity in the device.

It for sure is a big claim that the wallet is ‘unhackable’. Time and again the impossible has been proven.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.