McAfee, the computer security company had earlier introduced a device called Bitfi wallet, which is designed as a digital wallet that protects various crypto-currency accounts. The anti-virus company initially claimed that their new device could not be hacked. With this claim, the company’s Founder John McAfee also agreed to reward $ 250,000 (Approx. Rs 1.77 crore) to anyone who can hack the Bitfi wallet. After which, many cyber-security communities hacked the device, which the McAfee refused to accept. The company refused to give the reward since it didn’t meet their conditions and also the fact that no money was syphoned from the device. Hackers Choosing Stealth Tactics to Steal Money Says Micro Trend Report.

Disappointed by the company’s reply, many security researchers started flooding the social media platforms with videos showing how the Bitfi wallet can be breached and customised. Now a researcher who goes by the name ‘Saleem “Unhackable” Rashid has successfully hacked the device and was able to access the Bitcoin account details. Hacker of Celebrity Photos Gets 8 Months in Prison.

Last week, McAfee owned Bitfi announced that they would be removing the Unhackable claim from their branding. The company further said, “As part of our ongoing efforts to protect our customers, we have hired an experienced Security Manager, who is confirming vulnerabilities that have been identified by researchers. Next week, we will make comprehensive public announcement acknowledging and addressing these issues that have been identified. Effective immediately, we are closing the current bounty programs which have caused understandable anger and frustration among researchers. We acknowledge and greatly appreciate the work and effort by researchers. In our public announcement next week, we expect to confirm the final status of each of our current bounties and also provide very specific action items on our future product roadmap. Going forward, the company will launch a conventional bounty program through Hacker One.”

(The above story first appeared on LatestLY on Sep 03, 2018 02:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).