Software developer and McAfee Inc. founder John McAfee has earlier launched a BTC wallet known as BitFi. In line with this, McAfee has also initiated a challenge worth $250,000 as he claims that the wallet is “unhackable.” The initiative has generated a huge hype considering that BitFi is owned by one of the most popular internet security companies in the industry.
According to an August 1 tweet by research group OverSoftNL, they have gained root access, but the dashboard is still accessible for all users. The research group adds that “there are NO checks in place” to stop any third party access, as previously touted by BitFi.
In another tweet, OverSoftNL says that BitFi will not pay them the reward as the campaign is just “pure marketing” strategy.
Many in the crypto community have commented McAfee’s move is a bold one. The supposed hack only goes to show that the campaign is not only meant to promote the maker but the product as well.
The bounty has been originally set at $100,000. However, as soon as researchers have begun taking an interest, the bounty surged by 2.5 times the original amount. For its part, BitFi explains that the bounty has not been placed to help them identify security loopholes in its general infrastructure. Instead, the company merely wants to “dare” everyone to prove them wrong that the new wallet is unhackable.
Right after BitFi issued the statement, a word war has ensued between the company and various security researchers, a majority of which are well-known in the industry. Ryan Castellico has even branded BitFi as “a cheap stripped down Android phone.” He continues by saying that he will never advise anyone to use it.
Another research group has accused the wallet company of docking multiple applications on their platform, which may give users a lot of cause for concern. These so-called apps include Adups malware and Chinese search engine Baidu.
Unable to keep mum, BitFi issues a strong denial against the accusations. The company also says that Oversoft is only working for BitFi’s rival companies on top of the $250,000 bounty.
Despite the denial, Oversoft is still convinced that some flaws do exist in the wallet’s infrastructure and that they have presented some evidence to support their claims. The research group adds that the apps in question are proven to have monitored and reported their users, something that is opposite BitFi’s claims.