XRP: Bitfi adds XRP after Bitrue listing; cites ‘mass adoption’ as key reason

The XRP community has been in the news multiple times recently due to its activity online and the sheer force of user interactions on social media platforms. The clamoring for mass adoption seems to have received a boost as Bitfi, a popular cryptocurrency wallet, announced that they would be adding XRP to its arsenal. The organization tweeted:
“You asked, we listened. XRP is launching in Bitfi soon. And no, it is not like Bitcoin, poses no threat to Bitcoin, & serves a completely different purpose. Let’s keep an open mind & make the entire community stronger. Spread the love  #xrp #ripple”
The news garnered a lot of positive reviews from the community and the crypto-verse, with many calling it a piece of “good news”. Post the listing of XRP, many users were also clamoring for the addition of Tezos. To this Bitfi replied:
“Tezis is very high on the priority list.”
Another Twitter user, Teodor Andrei, stated:
“This is a good news, I HODL #XRP”
Bitfi claimed that XRP addition was another step in the wave of mainstream adoption because the platform was mainly Bitcoin-friendly.
XRP also got another morale boost when Bitrue added XRP base pairs against three cryptocurrencies. The three pairs would be DASH/XRP, BAT/XRP, and STORM/XRP. The exchange upgraded their wallet for XRP and resumed deposits and withdrawals of XRP on March 23, 2019.
Bitrue also revealed its future plans for the coin as an XRP airdrop was announced, with a 7.3% interest program for XRP in the works.
@plitern1, a Twitter user, commented:
“Thank you for the continued roll-out of XRP base pairs! This is how the whole ecosystem of crypto starts to mature as a whole: The diminishing correlation to the Btc peg. It’s not only great for #XRP but for everyone that likes crypto & wants crypto as a whole to succeed.”
The post XRP: Bitfi adds XRP after Bitrue listing; cites ‘mass adoption’ as key reason appeared first on AMBCrypto.
Source: AMB Crypto

Max’s Corner 3: the Latest on Crypto Adoption and the Newest Tech Drops

CoinSpeaker

Max’s Corner 3: the Latest on Crypto Adoption and the Newest Tech Drops

In this guest post, Max Hasselhoff, integration engineer from Bytecoin and long-standing crypto enthusiast, presents series 3 of Max’s Corner, in which he takes a look at some of the biggest stories happening in sphere of crypto adoption and tech growth.

Max’s Corner 3: the Latest on Crypto Adoption and the Newest Tech Drops

Continue reading at Coinspeaker
Source: CoinSpeaker

Crypto Wallet Manufacturer Introduces New Tech to Outpace Cold Storage

CoinSpeaker

Crypto Wallet Manufacturer Introduces New Tech to Outpace Cold Storage

Bitfi cryptocurrency wallet set to shake up the way crypto holders store their tokens by introducing the new tech designed to improve cold storage, in fact, eliminating storage completely.

Crypto Wallet Manufacturer Introduces New Tech to Outpace Cold Storage

Continue reading at Coinspeaker
Source: CoinSpeaker

Major Exchanges Fail to Prove Their Readiness for ‘Proof of Keys’ Movement

CoinSpeaker

Major Exchanges Fail to Prove Their Readiness for ‘Proof of Keys’ Movement

In addition to being Bitcoin’s 10th birthday, Jan. 3, 2019 will go down in history as being the crypto world’s inaugural Proof of Keys day.

Major Exchanges Fail to Prove Their Readiness for ‘Proof of Keys’ Movement

Continue reading at Coinspeaker
Source: CoinSpeaker

Exclusive: John McAfee says Bitfi hack was a “failed hack attempt” after company removes ‘unhackable’ tag

Over the months of July and August, there was a new wallet that raised a lot of eyebrows. The wallet, known as Bitfi, advertised itself as being “unhackable”, thus driving a whole team of security researchers in stripping the wallet’s every component down and compromising its security.
John McAfee, the former founder of McAfee Inc. also heavily promoted the wallet, going along with the company’s statement of the wallet being unhackable. However, the aforementioned group of security researchers succeeded in reportedly breaking the security of the wallet.
On the CoinsBank Blockchain Cruise, AMBCrypto approached John McAfee with this question. He began by denying that the wallet was hacked, and then went on to define the security of the wallet. He stated:
“I describe the security of the wallet as you can’t get the coins end of story. It’s a wallet. If it’s a safety deposit box in my bank and you go, ‘Yeah I can hack it. See I made the lock turn.’ I don’t give a shit, did you open it? No.”
The run-up to the wallet being ‘hacked’ involved people playing a game on it, gaining root access, and generally stripping down the framework of the device. McAfee maintained that the device had not been hacked according to his definition of the phrase, which means getting the coins on the wallet. He said:
“Don’t buy into I hacked it because I got root access or played a game on it. ”
However, security researcher Saleem Rashid on Twitter posted a video that showed him supposedly hacking the wallet using a cold boot method.

on a completely unrelated note, here is a @Bitfi6 being cold boot attacked.
it turns out that rooting the device does not wipe RAM clean. who would have thought it!?
i feel this music is very appropriate for @Bitfi6 pic.twitter.com/jpSnYBd9Vk
— Saleem “Unhackable” Rashid (@spudowiar) 30 August 2018

McAfee stated that this was not verified by Bitfi and that it was not something anybody could verify. Moreover, he raised the bar for the hacker, offering him all the funds on his personal Bitfi wallet which comes up to $20 million. He stated:
“I’ll give him my personal wallet with $20 million on it if you take it it’s yours. He knows he can’t. I’m not going to fly to London for some idiot to look at my own wallet. I’ll give it to you if you come to me I’m not going out of my way I am sorry.”
Proceeding the attack by Rashid however, Bitfi accepted to remove the unhackable claim from their website and marketing materials. This seemed to be the end in the Bitfi saga, although McAfee still holds on to one. On the brand removing the unhackable tag, he stated:
“They may do what they want, it’s their company. I have one, I have looked into it, I created cyber-security, please god. If I say you can’t get the coin, you cant get the coins. I believe in it enough to let the guy come to my house, take my wallet. Hold it as long as [he] wants, take it apart, do what [he] wants. You will not get my money.”
McAfee called it a “failed hack attempt”, as a successful hack takes the funds on the wallet or at least a part of it.
The post Exclusive: John McAfee says Bitfi hack was a “failed hack attempt” after company removes ‘unhackable’ tag appeared first on AMBCrypto.
Source: AMB Crypto

Bitfi Bitcoin Wallet Withdraws Unhackable Claim Following Series of Hacks

The controversial McAfee-backed Bitcoin wallet, Bitfi, has withdrawn their claim of being “unhackable” from their website following a series of notable hacks.
The wallet, which claimed to be the first wallet without any risks of being compromised, was discovered to have a series of security flaws following the release of evidence from cybersecurity researchers.
The wallet is a physical device that supports an “unlimited” number of cryptocurrencies, with a price tag of $120.00. The company is registered in London, and was created by a 38-year-old American, named Daniel Khesin.
The device has been taunted as being “a Colt 45 of the crypto world” and the world’s first “unhackable” device by Bitfi shill, John McAfee. A key feature of the Bitfi wallet is that the private keys of the device are not stored anywhere, so if the device is stolen or lost, the private keys cannot be extracted from it.
McAfee, in partnership with the wallet’s creators, offered a $250,000 reward for anyone that could hack the wallet, which generated significant press for the company, along with attention from hackers. The offer, however, backfired on Bitfi, as multiple cybersecurity researchers and experts discovered fatal flaws in the wallet.
Major Security Flaws Discovered in Bitfi Wallet
One such attack on the device was conducted by a team of security researchers who found that the local keys can be extracted from the device’s memory by running a basic code that can take memories from the device. The researchers told TechCrunch that their attack is “is both reliable and practical, requiring no specialist hardware.”
Although major security flaws were found in the platform, hackers were not able to withdraw any Bitcoin, which made the $250,000 bug-bounty nullified according to McAfee and Bitfi. They referenced the initial terms of the bounty which specified that hackers must actually remove Bitcoin from the wallet in order to receive the bounty. This infuriated hackers, who felt that the Bitfi team were ignoring major security flaws because they didn’t want to admit that the wallet isn’t as secure as advertised.
On August 30th, Bitfi announced on their Twitter that they were removing the “unhackable” claim from their website, saying:
“Effective immediately, we will be removing the ‘Unhackable’ claim from our branding which has caused a significant amount of controversy. While our intention has always been to unite the community and accelerate the adoption of digital assets worldwide, we realize that some of our actions have been counterproductive to that goal. Please stay tuned next week for our public announcement.”
John McAfee, however, is still maintaining that the wallet is incredibly secure, saying on his Twitter that:
“It’s selling like hotcakes. And, still, no one has been able to hack it and get the coins. Since the purpose of the wallet is to store coins, every claimed “hack” has been unsuccessful. It is clearly unhackable.”
McAfee also disregarded many of the claims of security flaws discovered while the bug-bounty was ongoing, writing many of them off as “nonsense claims” generated by “monolithic competitors in the hardware wallet space.”
It is unclear whether or not the Bitfi controversy has affected sales of the product in any way, but potential purchasers were likely turned off by the unrealistic claims and the unprecedented scrutiny of the wallet’s security.
Featured image from Shutterstock.
The post Bitfi Bitcoin Wallet Withdraws Unhackable Claim Following Series of Hacks appeared first on NewsBTC.
Source: New feedNewsBTC.com

Has McAfee’s BitFi Hardware Wallet Been Hacked?

The first reports have been pouring in over the past 24 hours regarding the veracity of the claims made by BitFi the so-called “unhackable” hardware wallet.
It appears that this is a response to the $250,000 bounty (originally $100,000) offered by John McAfee to anybody who could successfully prove that they could hack into. Something which many may have seen as something of a challenge.
The Proposed Hacks
The most vocal of opponents to McAfee’s on Twitter claims include @cybergibbons, who delivered this open-faced message

To those that say the people hating on Bitfi don't have one in their hands.
Look at this.
Guess what? The device has no idea it's been tampered with. pic.twitter.com/7pbEyhViFy
— Ask Cybergibbons! (@cybergibbons) July 31, 2018

and @OverSoftNL, who claimed that

Short update without going into too much detail about BitFi:
We have root access, a patched firmware and can confirm the BitFi wallet still connect happily to the dashboard.
There are NO checks in place to prevent that like claimed by BitFi.
— OverSoft (@OverSoftNL) August 1, 2018

Since the emergence of these claims, BitFi and John McAfee appear to have shifted into defensive positions.
Trolls in the Shell
The most recent we have heard from John McAfee is that he plans on
“putting out a definitive video countering all of the nonsense claims instigated and coordinated” by what he considers “established, monolithic competitors in the hardware wallet space.”
And only a couple of days ago BitFi was caught claiming besiegement by an “army of trolls”, and in the past 24hrs the team has created a secondary challenge with a bounty of just $10,000.
This news gets more and more concerning with regards to the veracity of BitFi’s claims, as well as the foundation for McAfee’s paranoia around market competition.
Who is John McAfee?
John McAfee has become well known within the cryptocurrency community as an outspoken yet well-humoured character with a propensity for making bold, unreserved claims and statements.
He is a not a character who is short of controversies either: including accusations of murder and reports of a ‘naked shooting spree’ in Belize.
Furthermore, the eponymous McAfee Associates (now ‘McAfee’), which he founded, was also charged by the Securities and Exchange Commission of the United States of America for ‘accounting fraud’.
BitFi Nixxed?
BitFi claims to offer an impenetrable solution for all of your storage needs at the highly competitive price of just $120. The hardware wallet has the appearance of an iPhone shaped touchscreen device and offers additional features that include push notifications and support for “an unlimited number of cryptocurrencies and crypto assets”.
It’s no wonder that the creator and team may be feeling a little closed in, with the strength and volume of competitors available on the market at present. Until their new system can be thoroughly verified however, you should hold your judgement on this hot topic of a wallet.
 
Image from Shutterstock
The post Has McAfee’s BitFi Hardware Wallet Been Hacked? appeared first on NewsBTC.
Source: New feedNewsBTC.com