Moneycontrol Be a Pro
Get App
Last Updated : Aug 06, 2018 07:58 PM IST | Source:

BitFi refutes claims of system hack made by Dutch security researcher

The researcher claimed to have breached the security BitFi bitcoin wallet, and called the prize money announced to hack the system a marketing strategy.

Moneycontrol News @moneycontrolcom
Representative Image
Representative Image

Within a week of McAfee and bitcoin wallet BitFi announcing a $100,000 reward for hacking BitFi, even raising the bounty to $250,000, a Dutch security researcher has claimed to have root access of BitFi of the 'unhackable wallet'.

As part of the challenge, any programmer who wished to participate contest, had to add $120 bitcoins in his BitFi wallet.

The Dutch security researcher claimed to have hacked the Bitcoin wallet by obtaining the root access. On his Twitter handle (@OverSoftNL) "Short update without going into too much detail about BitFi: We have root access, a patched firmware and can confirm the BitFi wallet still connects happily to the dashboard," the researcher tweeted.  He proclaimed that "there are NO checks in place to prevent that like claimed by BitFi".


Refuting the claims of Dutch researchers, McAfee tweeted: "Root access (sic) to a device with no write or modify capability. That's as useless as a dentist license un (sic) a nuclear power plant, Can you get the money on the wallet? No. That's what matters."

However, the Dutch researcher (@OverSoftNL) in his Twitter handle claimed the wallet was not secure and security breach did occur, “the ability to gain root access meant the wallet wasn't secure and dismissed the first bounty as a sham”.

"Dear friends, we’re announcing a second bug bounty to help us assist potential security weaknesses of the BitFi device. We would greatly appreciate assistance from the infused community, we need help," BitFi CEO Daniel Khesin said.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Aug 6, 2018 07:54 pm
Follow us on
Available On
PCI DSS Compliant