‘Unhackable’ Crypto Wallet Reportedly Breached, Hackers Claim to Meet Bounty Conditions

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A group of researchers claims to have have hacked the Bitfi wallet, the Next Web reported August 12.

Bitfi’s executive chairman, cybersecurity pioneer John McAfee, has called it “the world’s first unhackable device.” To prove his claim, McAfee challenged security experts to breach the device for a $100,000 bounty starting July 24.

Bitfi is a physical device, or hardware wallet, which supports “an unlimited amount of cryptocurrencies,” and revolves around a user-generated secret phrase instead of a conventional 24-word mnemonic seed that has to be written down. Additionally, Bitfi is purported to be “completely open-source,” meaning that the user stays in control of their funds “even if the manufacturer of the wallet no longer exists.”

Though several attempts to hack the wallet have been made since then, none of them met the bounty’s terms and the wallet has ostensibly not been fully breached until today. The researchers claimed they could successfully send signed transactions with the wallet,