Bitcoin and the entire jargon around it, is shooting up and going down at the same time. With more acceptance of the blockchain technology and cryptocurrency, prices are soaring, but the cyber-attacks are penetrating even the most secure wallets.
June 2018 witnessed the release of Bitfi – the wallet that claimed to be unhackable, highly secure and resistant to the risk of loss. As the security giant John McAfee was promoting the wallet, Bitfi proclaimed itself as “unhackable” as a cold storage wallet.
While lots of crypto wallets are evolving every day, security has always remained the prime aspect. In an interview, John McAfee makes epic claims that unhackable Bitfi wallet will put an end to further innovation for keeping the wallets secure as it uses the most sophisticated way of protecting the private key.
An open-source algorithm used to create the private key of Bitfi wallet user makes it make high-security claims. The owner of the unhackable Bitfi wallet creates the private key using a unique secret phrase. The wallet user must store the private key securely before it disappears, as the system does not store it anywhere and only provides access for a few seconds. Since no one can retrieve the private key later, losing the wallet makes it impossible to tamper with or recover.
Bitfi’s initial claims promoted by John McAfee garnered a lot of security network researcher’s attention, they claimed unhackable Bitfi wallet is not a device to be trusted. McAfee on this sent an open challenge to the security researchers that who so ever hacks it will receive $100,000 bounty.
Security researchers got digging and found some reviled some shocking facts that the hardware of the wallet comes from MediaTek MT6580- a Chinese mobile. It loses the camera and SIM card to be a cold wallet.
