John McAfee’s ‘unhackable’ Cryptocurrency Wallet Hacked Again, Researchers Awaits Bounty

John McAfee’s ‘unhackable’ Cryptocurrency Wallet Hacked Again, Researchers Awaits Bounty

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August 14, 2018 by Jane
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A group of researchers has proved John McAfee the once-lauded antivirus pioneer wrong about his ‘unhackable’ cryptocurrency wallet. Bitfi was prematurely confident about the security of its digital wallet, as hackers have been able to penetrate the McAfee Bitfi account numerous times. In the latest hack, researchers were able to send signed transactions with the wallet despite
Bitzamp


A group of researchers has proved John McAfee the once-lauded antivirus pioneer wrong about his ‘unhackable’ cryptocurrency wallet.

Bitfi was prematurely confident about the security of its digital wallet, as hackers have been able to penetrate the McAfee Bitfi account numerous times.

In the latest hack, researchers were able to send signed transactions with the wallet despite Bitfi’s security mechanisms.

Although the $250,000 bounty criteria haven’t been met yet, security researchers have managed to break in and send signed transactions using the device. That should qualify them for a smaller $10,000 bounty.

BitFi has laid out three specific conditions to be met before it will pay out a bounty. The terms of the bounty claim that the firmware of the wallet has to be modified and should transact private keys or a user’s secret phrase to a third party.

Tierney confirmed that they have met the third condition – they sent the device’s private keys and its passphrase to a remote server, meeting the three requirements to claim the $10,000.

The latest hack on McAfee’s Bitfi wallet comes within days after 15-year-old Saleem Rashid demonstrated that he was able to crack the wallet to play Doom on the device.

 

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