Don’t fall for it
For all you naysayers who claim that “nothing is unhackable” & who don’t believe that my Bitfi wallet is truly the world’s first unhackable device, a $100,000 bounty goes to anyone who can hack it. Money talks, bullshit walks. Details on https://t.co/ATFaxwUzQC
— John McAfee (@officialmcafee) July 24, 2018
Firstly, the so-called “unhackable” is just another marketing gimmick for even the best cryptography can be hacked if enough resources are spent on hacking it. Using such terms should really amount to fradulent practice, but hey unregulated market so who gives a s*** right?
There is a research article that exposes the flaws in the approach used by BitFi
To summarise some of the concerns:
- BitFi claims its an open source wallet. But they havent released any code. All they have released is a 4 page PDF with a generic outline of crypto algorithms. What are the components and the code used in the hardware wallet, no one knows.
- Their so called unhackable wallet is just running BIP 32 deterministic key code. The hack and win $100k challenge is more like asking someone to hack the private keys of an address. Thats not how hacking works in crypto. Its no better than relying on the security provided by Bitcoin itself. In cryptocurrency, an attacker does not need to guess your private key at all. There are hundreds of other ways to steal coins. To hack something the hacker must at the very least know the code. This challenge is intended to fool people who are not aware of crypto and trick them into believing this nonsense.
- This wallet company even outlandishly claim “our security is absolute and that the wallet cannot be hacked or penetrated by outside attacks”. Funds are safe… till they are not. If they are so confident, where is the insurance and legal warranty that funds are safe? No, nothing of that sort. Just empty promise and a ridiculous challenge.
- BitFi’s CEO one Daniel Khesin was under the SEC scanner wherein he is alleged inter alia to have violated a duty to shareholders, physically taking control of the company’s headquarters and misappropriating company’s property after his termination from the company.
- With crypto growing at a fast pace, hardware wallets are in demand. ledgers and trezors sell out in days. This is the ideal opportunity for shady companies to make BS claims about their hardware, fool the masses and sell snake oil.
- Last but not the least, any crypto company choosing to hire McAfee for promotion needs to be seen with suspicion. Its really guilty until proven otherwise. No one is in a hurry to forget all the PND scams McAfee has been involved in. Since the SEC’s crackdown on celebs promoting ICOs and s***coins, his stream of income has died down and this is nothing but a meek attempt to revive his image by promoting the least secure hardware wallet product out there.
Read More:How to choose a Bitcoin wallet?