Bitfi, the $120 cryptocurrency wallet backed by anti-virus software entrepreneur John McAfee, has recanted claims that its service is “unhackable”.
This follows a group of security researchers, including Prof Alan Woodward, cybersecurity expert at Surrey University, releasing evidence which showed the wallet being compromised.
Bitfi had previously offered a $250,000 (£190,000) award to anyone who could hack the wallet. The aforementioned research group leapt into action, but failed to reveal security flaws in accordance with the rules. The Bitcoin inside must be removed from the wallet, something that has irked the cybersecurity community as often weaknesses are identified but not acted upon.
Bitfi released the following statement on Twitter:
John McAfee continues to stand his ground, however, responding to a Twitter follower: “It’s selling like hotcakes. And, still, no one has been able to hack it and get the coins. Since the purpose of the wallet is to store coins, every claimed “hack” has been unsuccessful. It is clearly unhackable.”
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