Bitfi, John McAfee’s Crypto-Wallet, Hacked One More Time

post image

“The world’s first un-hackable storage for cryptocurrency & digital assets,”said John McAfee, the chairman of the hardware crypto wallet Bitfi. On the website’s home page, these words are bravely stated, hence hard to pass by without seeing.

The researchers at Pen Test Partners sent signed transactions using Bitfi, therefore completing an important objective for the wallet program. This occurred just recently, and now for the zillionth time, the hardware has been hacked.

Our top trading bots

A security consultant at Pen Test Partners, Andrew Tierney, wrote on Twitter:

Obligations

To collect the second bounty of only $10,000, one must modify the wallet’s firmware connecting to the cyber Bitfi dashboard. And also complete the last obligation of making sure the secret phase of the user or private passes are transported to a third party while making sure the dashboard is a performing as usual. The prize of the second bounty pales in comparison with the first bounty of $250,000.

The group managed to modify the firmware and get through communications between the device and the digital asset wallet. To prove that the hardware was in connection to the dashboard and functioning well, the group of researchers thought to show the messages on the screen of the device.

Group Strength

Hacking the wallet involved group work of several persons and entities creating varying contributions. This is according to Mr. Tierney.

At the beginning of this August, an information security expert rooted the hardware, hence gaining all access and administration. He found some apps including Wi-Fi and GPS trackers. These findings were seen as an issue concerning security since the apps were found to connect to several web services such as the large search engine Baidu.

The British prodigy programmer of 15-year-old, Rashid Saleem, in less than eleven days from the findings managed to install Doom game app onto to the hardware and use it. Of course, this brought worries that due to bad tamper protections, actors may install malware causing vulnerability to manipulate. And due to the rooting, there are worries that along with this ability to install the malware, the device may be reprogrammed.

The company’s response to the entire story caused bad public view. It has of recent got the Pwnie Award for the Lamest Vendor Response at the BlackHat conference in Las Vegas.

Image Source: Flickr

Crypto Venture Capitalist: BTC Investors Need to Endure As Amazon’s Did
Cyber money venture capitalist, CryptoOracle partner Lou Kerner suggested viewing bitcoin as a survivor like Amazon after 1995-2000 dot-com bubble. He believes...
Monero’s Hard Fork Decreases its Transaction Fees by 97%
Monero’s transaction fees have significantly fallen down after the coin’s hard forл was executed last week. Particularly, the fee has decreased by 97% from...
Blockchain Market Could Be $7 bln and Boost Amazon, Microsoft, BofA Says
Novel estimates from one of the most influential investment banks in the world — Bank of America — showcase unalterable ledger spread will be of use for...
Andreas Antonopoulos Says ETFs Violate The Core of BTC
As the American SEC CCN, Antonopoulos believes the long-term implication of the long-expected bitcoin ETFs will do rather the bad than good.Explaining the...
Cryptos Are No Danger to The World of Finance, Says Russia’s Central Bank
Bitcoin and its brethren do not pose any threat to the global financial system due to the fact that the overall volume of cyber assets financial operations...
Pornhub Starts Accepting Verge As Payment
Dreams come true? The lovers of adult videos and crypto-enthusiasts at the same time now have an opportunity to blend the useful with the agreeable, as...
Twitter CEO Believes Bitcoin Will Become Global Currency in 10 Years
Public currencies will no longer be imperative on the planet. This is the point of view, expressed by one of the most prominent Silicon Valley’s businesspeople...
Japanese Electric Giant Tests Blockchain and Lightning Network for Charging Electric Cars
The Japanese electric power giant has decided to take on a challenge of using blockchain and the acclaimed scalability solution Lightning Network in the...
Venezuela Launched Its Own Cryptocurrency
On February 20, Venezuelan President Nicolas Maduro announced the beginning of the presale of the national cryptocurrency El Petro, which, he said, will...
Nocoiners: What is Wrong With People Who Oppose Bitcoin?
Navigating through cryptocurrency websites, one can often encounter the word “nocoiner” on par with other crypto slang examples like “HODL,” “bear,” “bull”...
Huobi Pro Launches Its Token Without ICO
The cryptocurrency exchange Huobi Pro on January 24 will launch its token based on the Ethereum ERC-20 standard. Huobi Token (HT) can be used to reduce...
Blockchain For "Honest" Marketing
The AdEx team creates a new generation of online advertising based on the blockchain technology. AdEx is an advertising exchange, the transactions within...
Good Or Evil? Blockchain Yields Tech Benefits But Can Leave People Jobless
There was no other rival in the investment sphere for stocks as cryptos. But for those, who are not very interested in trading, there is an alternative...
The EXMO was under a DDos Attack
Currency Exchange EXMO reported on Twitter that it had undergone a distributed-denial-of-service (DDoS) attack. Representatives of the exchange promise...
Investing In Cryptocurrencies. Is it Safe?
The Guardian tells the story of a student who bought bitcoins for $27 in 2009. He forgot about his 5.000 BTC, and remembered about them in April 2013, when...