Security Researchers Attack McAfee-Backed Wallet for “Unhackable” Claims

Security Researchers Attack McAfee-Backed Wallet for “Unhackable” Claims
ôîòî ïîêàçàíî ñ : news.bitcoin.com

2018-8-1 06:35

With the vast amounts of money going around, it’s no surprise that the greater Bitcoin ecosystem is rife with scams, hacks and cyber attacks of all kinds. Operating in such an environment, cautious users are always mindful of their security and learn to avoid outrageous claims that are sometimes nothing more than just that. A recently released wallet was said to be “unhackable” by its promoters, including John McAfee, and this has naturally triggered security researchers.

Also Read: Football Team in Gibraltar to Pay Its Players in Cryptocurrency

“Unhackable” Bifti Wallet

When the Bitfi hardware wallet was unveiled in June, its official promotional material called it the “first truly unhackable” wallet, promising “impenetrable security” and an operation “without any risk of loss”. It was also said to offer more security than any other type of storage, including cold storage.

Vouching for the device being indeed “unhackable”, which Bitfi acknowledged is an extremely bold claim, was John McAfee. “Of all today’s elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet. Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means. No other hardware wallet has ever been built to this level of sophistication,” McAfee is quoted as saying.

This level of sophisticated security was supposedly achieved primarily by utilizing a proprietary open-source algorithm that calculates the private key from a user’s own unique secret phrase. “The private key only exists for a fraction of a second, just long enough to approve the transaction and is never stored anywhere.” And the developers added that: “Unlike other wallets, the Bitfi wallet cannot be tampered with. If it is ever lost, stolen, taken apart and forensically analyzed, the private keys cannot be retrieved, making the wallet safe to purchase from anyone within the network of authorized distribution dealers.”

Checking Under the Hood

Initial reviews were very unkind to Bitfi, with one security researcher stating: “my conclusion is that their product is most charitably described as a ‘footgun’,” meaning a device designed for shooting yourself in the foot. McAfee, which is known for being a shill in the crypto community but has credibility to lose in the cyber security space as an anti-virus pioneer, shoot back by labeling critics as “haters” and negative reviews as “fake” because they were based on Bitfi documentation rather than examining the actual device. Moreover, he challenged anyone to hack the wallet and receive a $100,000 bounty.

Everyone tells me https://t.co/VJ7qrOxQqL is hackable. Then register as a hacker and do it. We send you the device pre-loaded with $50 in BTC. If you get the BTC we send you $100,000. You will eventually give up. When you do we send you the pass phrase to recover your $50. Do it.

— John McAfee (@officialmcafee) July 28, 2018

So security researchers have now gotten their hands on the device and are tearing it apart trying to answer the hacking challenge. And they already discovered a few interesting things. According to their collaborative efforts, it seems that the hardware of the wallet is basically that of a Chinese mobile phone (Mediatek MT6580) minus the camera and SIM card. And the firmware includes a Baidu GPS/WIFI tracker, a malware suite (Adups FOTA), and a tracker capable of logging all activity on the device.

But it does have this eMMC flash chip on it. pic.twitter.com/tUnCG3xKF6

— Ask Cybergibbons! (@cybergibbons) July 30, 2018

Can any system claim to be truly “Unhackable”? Share your thoughts in the comments section below.

Images courtesy of Shutterstock, Bifti.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post Security Researchers Attack McAfee-Backed Wallet for “Unhackable” Claims appeared first on Bitcoin News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 67020.67 (-0.18%)
Îáúåì 24H $15.757b
Èçìåíåèÿ 24h: 0.08 %, 7d: 10.06 %
Cåãîäíÿ L: $66856.94 - H: $67251.24
Êàïèòàëèçàöèÿ $1320.359b Rank 1
Öåíà â ÷àñ íîâîñòè $ 7571.92 (785.12%)

claims security bitcoin attack researchers unhackable mcafee-backed

Èñòî÷íèê: news.bitcoin.com

claims security → Ðåçóëüòàòîâ: 21


Ôîòî:

Security researchers attack the McCaffy-Backed Vault for “unopened” demands

Operating in such an environment, cautious users are always mindful of their security and learn to avoid outrageous claims that are sometimes nothing more than just that. A recently released wallet was said to be “unhackable” by its promoters, including John McAfee, and this has naturally triggered security researchers. Also Read: Football Team in Gibraltar

2018-8-1 09:29


Ôîòî:

PoWx Seeks to Change Bitcoin Mining with “Optical PoW”

Nonprofit organization PoWx has launched this week with the goal of boosting the idea behind proof of work (PoW) through more innovative algorithms. The company is seeking to decentralize Bitcoin mining and make it more accessible to consumers through a new technology that executives have dubbed “optical PoW” — a new type of hardware that utilizes a more advanced and energy-efficient form of laser technology as the cornerstone of mining.

2018-7-14 01:04


Additional Ripple Lawsuit Asserts that XRP is a Security

Distributed ledger startup Ripple is facing another class-action lawsuit tied to the legal classification of the XRP cryptocurrency. Filed by California resident David Oconer, the complaint names Ripple Labs, XRP II (Ripple’s licensed money services business), Ripple CEO Brad Garlinghouse and 25 unnamed persons affiliated with the firms as defendants. The suit claims: “Here, the

2018-7-5 22:55


Ôîòî:

Vitalik Buterin Demands Court Challenge Against New nChain Patent

Ethereum co-founder Vitalik Buterin has openly criticized Blockchain research company nChain’s latest patent award, calling for opponents to challenge it in court. Pure Invention? nChain, whose chief scientist Craig Wright claims to be Bitcoin creator Satoshi Nakamoto while heavily endorsing altcoin Bitcoin Cash, received its latest European patent for what it describes as a “digital security invention.

2018-6-27 06:00


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

How to Use Multisig to Keep Your Coins Ultra-Safe

Multi-signature, or multisig, is a wallet configuration that requires at least two keys to authorize a transaction. Commonly used by cryptocurrency exchanges to ensure funds can’t be moved by a rogue employee, multisig also has applications for end-users.

The Cobo Vault Hardware Wallet Will Outlive You

The arms race between hardware wallet manufacturers is showing no signs of abating. Every new device must be more secure, robust and impregnable than its predecessor to claim the bragging rights and earn the shekels of the crypto rich, to whom nothing but the best will do.

Hacker Livestreams 51% Attack on Bitcoin Private

On Oct. 13, ethical hacker “Geocold” followed through on his promise to 51 percent attack an altcoin. He eventually settled on Bitcoin Private (BTCP), and quickly gained majority hashrate control, but the spectacle was fraught with setbacks, including censorship from two streaming services that pulled the plug.

Lawmakers Have Defined Blockchain – Badly

Bitcoin is many things to many people. To some, it is a peer-to-peer version of electronic cash, just as Satoshi intended. To others, it’s a store of value, while yet others see it as a system for remittance.