Nothing is unhackable. This statement is about to be put to the test by the army of blockchain enthusiasts as cryptocurrency pioneer and millionaire John McAfee has promised to give $100,000 to anyone who can hack the Bitfi wallet. It is a great marketing hook – and an amazing opportunity to earn good money.
The Bitfi hardware wallet is a device created for storing cryptocurrencies and crypto assets. Its developers claim that it is unhackable which is important for storing financial assets. The company could have chosen various ways to prove the wallet’s high level of security, but has chosen to turn it into a competition with a generous bounty of $100,000.
The announcement came via the McAfee’s Twitter. He promised to reward the winner out of his own pocket. Famous computer programmer and businessman is no longer promoting any ICOs on his Twitter but the recent announcement proves that it is worth subscribing.
For all you naysayers who claim that “nothing is unhackable” & who don’t believe that my Bitfi wallet is truly the world’s first unhackable device, a $100,000 bounty goes to anyone who can hack it. Money talks, bullshit walks. Details on https://t.co/ATFaxwUzQC
— John McAfee (@officialmcafee) 24 июля 2018 г.
The official rules of the ‘hack the Bitfi wallet’ campaign will boost the sales of the device as all the participants have to get one. The price of the standard model is $120. But that is not all the costs associated with the competition: the wallet has to be preloaded with coins and it would add $50 to the final cost. Bitfi says that this ‘entry fee’ is needed to prevent unserious inquiries. There are some other requirements that one must follow to be able to fight for the prize. The participants are asked to share their progress so that the crypto community members will not have to try the same scenarios on their own.
The successful hacking is defined as extracting the coins and emptying the wallet. The first person to achieve this result in strict compliance with the rules of the challenge will get the $100,000 bounty and will keep the extracted coins. The participants are asked to contact the Bitfi’s support via email.
The challenge started by Bitfi is not only a tempting opportunity for the blockchain specialists, it is also a great example of high quality marketing. Even if none of the participants will be able to hack the Bitfi wallet, it cannot be taken as a fact that the device is really unhackable. However, this will definitely build trust into this crypto storage. And even if someone hack the wallet, it will not hurt the reputation of the company. In the official announcement Bitfi clarified this issue: “Please also note that this is not a bug bounty program. This is strictly a bounty to hack into the Bitfi wallet to allow those who claim they can hack it to attempt to do so.”
John McAfee is the one who takes all the risks in this situation. The impressive bounty of $100,000 is a great measure of his trust in the Bitfi wallet. Got to give it to him: the crypto millionaire knows how to attract the attention of the public. The post on unhackable Bitfi wallet is not the only example of his eye-catching tweets. For example, earlier in June John McAfee announced his decision to run for president in 2020.