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John McAfee’s ‘unhackable’ Bit-Fi wallet has been hacked inside a week

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.

CCN reports that OverSoftNL later accused Bit-Fi of making up a non-existent bounty for marketing purposes, predicting it wouldn’t see a penny. Originally the bounty had stood at $100,000, but you know what McAfee is like – one minute it’s $100k, the next he gets all over-confident and starts making bets over his dinkle.

Ryan Castellucci, a security researcher from WhiteOps, described it as “a cheap stripped down Android phone” and strongly advises against using it.

Another set of researchers pointed out that from a secure point of view, the use of Baidu as a search engine, and the inclusion of the Adups ‘spyware’ make for an even less wholesome environment.

Bit-Fi has gone a bit Trumpy in its response, denying all the accusations and accusing OverSoftNL of actively working for competitors.

The exchange has continued, with OverSoftNL pointing directly at Baidu location tracker and Adups which are both actively working, not just sending heartbeats as BitFi suggested in the denial.

So what happens next? Well, the truth is, we don’t know. So far, we don’t officially know that Bit-Fi has been hacked. We don’t know if Bit-Fi will confirm that it is, even if it is. We also don’t know if Bit-Fi will survive. And finally, we don’t know what McAfee will have to say about something that he has placed his reputation on supporting. What will he do?

Probably make some bombastic promise of future success, fire some shots into the air and do a line. Then maybe run for president. You know, usual Friday stuff. μ

Further reading

Source : Inquirer

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Founder and Editor-in-Chief of 'Professional Hackers India'. Technology Evangelist, Security Analyst, Cyber Security Expert, PHP Developer and Part time hacker.

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