Tainted reputation: you should have guts to sell such a 'security'

Tainted reputation: you should have guts to sell such a 'security'

The BitFi wallet, that was claimed by John McAfee to be unhackable, turned out to be a cut down cheap Chinese smartphone

Researchers dug into the wallet's hardware, interested by the $100,000 bounty, proposed to anyone who could hack it, and found that it is a modification of Mediatek MT6580, minus the camera and SIM card, it has no cold storage, and it can be easily tampered with on hardware and software level.

Looks like McAffee's reputation now will be worth nothing, as Roger Ver's reputation before him. Of course, he is a well-known crypto shill, but at least he has a reputation of a cybersecurity pioneer, and now he is about to lose it. No one is buying this show, no one taking him seriously in crypto space, and looks like his career as a cybersecurity expert is also over. If it was some kind of a PR strategy, that's definitely a bad one.

Claiming that the wallet is unhackable, knowing that in reality it isn't, why doing this? There are two possible explanations: McAfee didn't even touch this wallet, and he doesn't know what's inside, yet he's happy to trade his reputation for some money, or the whole BitFi company doesn't understand how a secure wallet must be built and genuinely believed they did their best.

At least it requires some guts to try to sell a modified cell phone as the most secure wallet in the world and to offer bounty for hacking it, then quarreling on Twitter. Yes, it could have worked beautifully, if the wallet was really secure. But now, as it was hacked in a week, how many customers will feel the urge to buy it? Probably not so many. It would have worked better if they just stayed quiet, and released it without so much publicity. Now it becomes an example of how you shouldn't launch new products.

DISCLAIMER: all the articles are based on personal opinions of their authors and shouldn't be considered as investment recommendations. Finrazor.com neither supports nor opposes any project or strategy, users must consider all relevant risk factors including their own personal financial situation.

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.