John McAfee’s Bitfi Accepts Defeat, Agrees Wallet Is Hackable

Cryptocurrency hardware wallet giant, Bitfi, has finally agreed that the wallet his vulnerable to attacks, thereby pulling down its bounty program and also doing a sort of rebranding, that includes removing ‘unhackable’ from its branding.
Bitfi stormed the crypto world with its 100% assurance package, boasting that the wallet is ‘unhackable’ and promised to give anyone who succeeds in hacking into the wallet $25,000 which he later raised to $100,000.
Researchers and hackers have tried over the months to crack the system to win the bounty, but despite all the near breakthroughs by quite a lot of people, the team refused to accept that it can be hacked, saying no one was qualified for the bounty.
But the Bitfi team recently owned up, stating categorically that there are some vulnerabilities in the wallet. The firm furthered confirmed that it hired a security manager, who confirmed that the wallet truly is vulnerable.
The firm expressed its sincere gratitude to the researchers and announced that the bounty offer is closed, without giving any further information on the reward package.
However, social media has been agog with the recent development of the firm. While some are claiming that the firm intentionally misled its users to gain attention, others are clamoring through the #RecallBitfi campaign on Twitter for the firm to own up to its promise and reward those that successfully broke the system.
The most important question right now in the crypto space is about security. Every day is yet another story of a security breach on systems and devices. However, the introduction of Bitfi as the first “unhackable” wallet seemed like an answer to the question of hack and insecurity that have plagued the crypto space for quite some time but were disappointed to learn that the wallet is also not safe as presumed.
Observers are thus of the opinion that the recent statement from Bitfi is a significant setback to the crypto industry, as the hope the cryptocurrency industry had seemed to be drifting away as the issue of safety remains unsolved.
Though several bigwigs and startups alike are putting a lot of effort into making sure that wallets are safe and secure. Major players in China and the United States have organized seminars and workshops, with the main purpose of looking at how to stop the menace of insecurity, before it eventually kills its building reputation.

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