Cybersecurity team claim to have hacked ‘unhackable’ crypto wallet

August 14, 2018
Chris Wheal

A group of researchers say they’ve managed to hack a cryptocurrency wallet that has been described by cybersecurity ace John McAfee as the “world’s first unhackable device”.

Crypto-enthusiast John McAfee: Bitfi wallet claims to be unhackable

McAfee is the executive chairman of Bitfi, producer of the hardware wallet that can support an unlimited amount cryptocurrencies – according to the makers’ claims.

Beefed up security

Security on the device centres around a user-generated secret phrase instead of the conventional 24-word mnemonic seed that must be written down.

McAfee was so confident of the security on the wallet that he offered a $10,000 bounty to anyone who could breach its security measures.

While several hacking attempts have been made, none had met the terms of the challenge set by McAfee – to be able to modify the device, connect to the Bitfi server and send sensitive data with the device.

Hacking claims

The team – led by security researcher Andrew Tierney – claim to have met all three criteria: connecting to the server and modifying the device to play vintage shoot-em-up game Doom, and then sending signed transaction data with the device.

McAfee responded on Twitter: “A video played on your Bitfi wallet has nothing to do with the safety of your funds. This is amateur hour, not a hack! Any device with a computer and screen can be used to play games.”

Tierney returned with a demand for the $10,000 to be paid in bitcoin:

Your move Mr McAfee.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020