Having recently joined the Bitfi team, John McAfee decided to make the bold statement that its wallet is the world’s first unhackable device. After receiving a lot of pushback for his words, he doubled down on Twitter and decided to personally offer $100,000 to the person who manages to break its security.
Shortly after this statement, Bitfi made rules for the bounty to ensure it’s a well-organized effort.
“We strongly believe in the value of a bounty in an effort to resolve any possible concerns about the security of the Bitfi wallet. This bounty program is not intended to help Bitfi identify security vulnerabilities since we already claim that our security is absolute and that the wallet cannot be hacked or penetrated by outside attacks. Rather this program is intended to help demonstrate to anyone who claims or believes that ‘nothing is unhackable’ or that they can hack into the Bitfi wallet, that such attempts are futile and that the advertised claims about the Bitfi wallet are accurate,” the rules said.
People who want to claim the bounty apparently cannot do so on a Bitfi device they have purchased on their own, as the rules also state that an aspiring hacker must purchase a special device by them that is pre-loaded with coins for an extra $50.
If someone manages to empty the wallets on these devices, they win the bounty, according to Bitfi. That person can keep the coins, the wallet, and claim a $100,000 prize.
We could safely assume that the device the company sends to bounty participants would already be initiated, making the seed invisible to the would-be hacker. This would make it easier for Bitfi to track as it could simply verify whether a wallet is empty or not by synchronizing it with a full node on the company’s own computers.
Still, if Bitfi is unhackable, it would be difficult not to say the same thing about Trezor and Ledger, which are hardware wallets that haven’t yet suffered a breach in their years of existence.