The Bitfi bitcoin wallet that John McAfee holds has allegedly been hacked after the creator issued a $250,000 hacking challenge. What’s interesting is that Bitfi has marketed the wallet as “unhackable” and John McAfee was promoting it in that way.
The tweet which delivered the most detail was posted by Oversoft, stating:
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
Even though Bitfi did not respond to the accusations immediately, they later referenced to it in a subsequent post, stating the following:
Dear friends, we're announcing second bounty to help us assist potential security weaknesses of the Bitfi device. We would greatly appreciate assistance from the infosec community, we need help. Here are the bounty conditions: https://t.co/f00POuF1Ov Thank you, Daniel Khesin CEO
— Bitfi (@Bitfi6) August 1, 2018
A new tweet in the same thread saw Oversoft accusing Bitfi of using its $250,000 bounty as a marketing ploy, hitting that they would not hand over any information about the security information just yet.
They deny anything that's not exactly according to their bounty rules, aka: they will never pay a bounty. It's pure marketing.
— OverSoft (@OverSoftNL) August 1, 2018
After this, a war of words broke between Bitfi and a series of security researchers. As John McAfee got into the rhetoric in response to the criticism from security researchers, the bounty went from $100,000 to $250,000 and the security vulnerabilities which were seen as “unhackable” were discovered.
In response to the researchers saying this – and even another group which accused Bitfi of harboring questionable apps – Bitfi issued a comprehensive denial of the claims and accused Oversoft of working for its competitors and reiterating its $250,000 bounty.
At the end of the day, if the Bitfi wallet has been hacked, we will see what this would mean for Bitfi and McAfee, both of whom had no response as of press time.
Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
“There is new technical work to make this possible, and that was done in conjunction with PayPal.”However, this Friday Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were required to use. As he said:
“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”The service is for now only available to customers in the United States, but could continue to be added to other nations across 2019, as Osgood wrote.
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“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
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“I don’t make significant price predictions. But it’s certainly going to be worth a great deal more than it’s worth today. I am long in the market.”Allaire says that the people who lost a ton of money in the bear market will only get back into the game because of the fundamentals of cryptocurrencies and that they won’t change despite the downturn in prices. He also believes that bitcoin plays a huge role as a non-sovereign store of value. Allaire continued to explain:
“The key thing with bitcoin is that it is unique in its security and its scale. As an idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion — that’s attractive all around the world.”However, he thinks that some of the digital currencies will eventually die off due to overcrowding of the market but this doesn’t mean that if one digital currency succeeds that the rest will cease to exist. When asked about the burning question of regulation, he says that the United States has one of the most transparent regulation since most of the digital currency and banking systems have already been regulated, many of which this year only. Circle is already regulated under the Bank Secrecy Act and money transmission laws and this is a very important element for all the customers and users.
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“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
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