Last week, McAfee said he'd entered into a partnership with Bitfi to offer a $100,000 bounty to anyone that could hack a Bitfi wallet. The bounty was later raised to $250,000. Participation in the challenge required the purchase of a $120 Bitfi wallet, preloaded with cryptocurrency.
GI JOE of tech, John McAfee, has been left with some explaining to do after his "unhackable" Bit-Fi bitcoin wallet, launched to much fanfare recently, was hacked in just one week.
OverSoftNL has claimed first blood by gaining root access to Bit-Fi: "Short update without going into too much detail about BitFi: We have root access, a patched firmware and can confirm the BitFi wallet still connect happily to the dashboard. There are NO checks in place to prevent that like claimed by BitFi," it said in a tweet.
Bit-Fi failed to respond but later announced a second bug-bash, suggesting that it was looking for a solution.