BitFi

Bitfi is a non-custodial hardware wallet built around a distinctive key management model: rather than storing private keys on the device, it recalculates them each time the user enters a secret phrase. The device runs a quad-core CPU, a 3.95-inch touchscreen, and connects over Wi-Fi. Keys are generated at signing time and wiped immediately after, leaving no persistent key material on the hardware. The device sells for $199.

The wallet attracted widespread attention in mid-2018 when John McAfee endorsed it as “the world’s first unhackable wallet” and backed a $250,000 bounty for anyone who could break it. Security researchers quickly disputed the claim: within days, they demonstrated root access to the firmware, found undisclosed third-party software on the device, and showed a practical memory-extraction attack that could recover the secret phrase from a powered-off unit in under two minutes. Bitfi withdrew the “unhackable” label in August 2018, acknowledged the vulnerabilities, and received the Pwnie Award for Lamest Vendor Response that year. McAfee later retracted his endorsement.

Bitfi has continued selling the device since then, positioning it on its open-source key-derivation algorithm and the argument that funds remain accessible regardless of whether the company survives. A seed round closed in July 2024 with Fundamental Labs and IBC Group as anchor investors. The device is sold directly from bitfi.com.

Supported networks:

• Bitcoin
• Ethereum
• Litecoin
• Monero
• Ripple
• Dash
• Dogecoin
• Neo
• All ERC-20 tokens

New assets are added automatically via push updates from the company’s node infrastructure.