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The controversial McAfee-backed Bitcoin wallet, Bitfi, has withdrawn their claim of being “unhackable” from their website following a series of notable hacks.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.

Read more here: https://www.newsbtc.com/2018/09/01/bitfi-bitcoin-wallet-withdraws-unhackable-claim-following-series-of-hacks/