In the todays world of cryptocurrency ecosystem everything is related to the security of digital assets. The past years have seen losses in millions and billions due to the hacking and cyber attacks. Not even a month passes when something related to crypto currency hacking halts the community. In July last month, a company with a claim of its crypto wallet to be unhackable as its promotional phrase along with John McAfee supporting this outrageous claim developed a digital wallet named ‘Bitfi.’ The company claims on its website as:
“By inventing the most sophisticated instrument in the world, we are constantly pursuing one clear target: universal adoption of the emerging decentralized digital asset economy in everyday life, for everyone.”
However, operating in this digital era when every technology is inter connected, this claim has eventually triggered the researches and hackers after John MaAfee’s open challenge to pay $100,000 USD as reward if anyone succeeds in hacking this Bitfi digital crypto wallet.
Bitfi Hardware Wallet
The Bitfi wallet launched was launched in June this year with the promotional phase of “first truly unhackable crypto wallet” promising to provide security from all cyber hacks involving no further risks of losses in future. The company claimed of the sophisticated precautionary methods used in developing the wallet along with extreme bold claims of John MaAfee. As per this claim, an open source algorithm is used for generating a private key from the users security phrases he choose to set independently. This private key is never stored anywhere on the device and exists for just few seconds till the transaction is approved.
Diging Under the Hood
All the challenges made by the company about its device and John McAfee seem to be currently based on the Bitfi documentation rather than the actual evaluation of the device. Moreover, this claim is going to get the attention many researchers and hackers in mere future as John McAfee’s claim of bounty reward.Getting hardware security vulnerable to every situation is though a very difficult thing as the attack surfaces are huge ranging from every hacker to researcher. As per what John McAfee Stated in support of this :
But these all claim, seem to stand on no basis as the Bitfi hardware wallet uses an integrated Foresee eMMC flash chip which is a non-volatile storage type used for holding firmware and is capable of logging all activity on activity on the device. When this claim quizzed out publicly on Twitter, there have been some contradictory responses such as:
As per the company’sofficial Website, this Bitfi crypto hardware wallet costs around $120 USD per unit.