You’d think a $250,000 bounty would excite people. When a company sets a challenge with the promise that one person will walk away with quarter of a million dollars, you would expect people to be up and at ’em, trying to win the money.
The tech community has been getting riled up over what hacking means and what would qualify for the $250,000 bounty.
Here’s the explanation of the competition on the Bitfi website.
The rules for claiming the bounty are simple:
- We deposit coins into a Bitfi wallet
- If you wish to participate in the bounty program, you will purchase a Bitfi wallet that is preloaded with coins for just an additional $10 (the reason for the charge is because we need to ensure serious inquiries only)
- If you successfully extract the coins and empty the wallet, this would be considered a successful hack
- You can then keep the coins and Bitfi will make a payment to you of $250,000
- Please note that we grant anyone who participates in this bounty permission to use all possible attack vectors, including our servers, nodes, and our infrastructure
Let the carnage begin
Over the past few days, Bitfi’s Twitter account seems to have spent more time arguing with competitors than discussing practical outcomes.
There’s the spat between companies, arguing over who has the best technology.
There’s the exchange between a person who claims a 15-year-old hacked the device and the company saying put up or shut up.
And the debates continue about what “unhackable” means.
Bitfi posted to clarify what matters.
Users also complained about the attitude of the person managing the Twitter account.
The company apparently fired the person, or moved them to another role, according to circumstantial comments.
That didn’t prove to be a successful move.
Perhaps it was a mistake to ask the hacking community to try to hack a product by claiming it is unhackable, but, as I write this, Bitfi is still holding on to its $250,000 prize, while the community furore continues.
What others have written about this story
- ‘Unhackable’ Bitfi wallet circus delights security researchers with hacking challenge
- John McAfee’s unhackable crypto wallet Bitfi rake up controversies
- Researchers find tons of red flags in Bitfi’s ‘unhackable’ cryptocurrency wallet
- Is John McAfee panicking or batting down trolls? Hackers claim to have cracked the ‘unhackable’ Bitfi wallet.
- McAfee’s Bitcoin wallet Bitfi allegedly hacked