Bitfi claims on their homepage, “The radically innovative Bitfi wallet is the world’s first un-hackable device that is the quintessential expression of disruptive research and development.”
An official prize of $250,000 USD was offered by Bitfi to anyone who can hack and remove $10 worth of cryptocurrency successfully from a Bitfi wallet. John McAfee helped in creating the Bitfi wallet that was sold out in just 22 minutes after launching it on 25th June 2018. The cost of the device was $120.
The company imposed a maximum order of 3 per customer.
No private key to the wallet was stored by the wallet on the device itself. So it was not possible to hack the wallet. The traditional storage methods such as offline computers and paper wallets are vulnerable to the risk of thefts and seizure. The cryptocurrency is very vulnerable to these risks because these methods directly store the private keys.
The Bitfi wallet declares that it’s impossible to steal cryptocurrency from it even if the device is lost or stolen. The funds are completely safe in such cases. The users can continue using their original secret phrase by ordering a new device. They can retrieve their private keys and access funds by using Bitfi open source resources.
Since then nobody was successful in claiming the reward by removing the cryptocurrency from the wallet. There were many claims that the device can be easily hacked.
@spudowiar, a 15-year-old self-professed Bitcoin hardware wallet breaker recently posted a video.
In the video, he was playing the video game DOOM.
It’s very difficult to imagine that a company is asking security researchers to attempt to hack the wallet. Moreover, they are offering $250,000 prize for the hacker, only to then threaten them with consequences for doing so.
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