Do you know what happens when a gamer gets beaten at their own game? Lots of things do happen. In the case of Smart Billions, the most worst that could happen did happen.
The million dollar game
Smart Billions is a new Ethereum powered lottery platform which launched a hackathon to test the security of its platform before the ICO.
Smart Billions claims to be the first fully decentralized lottery system powered entirely by Ethereum contracts with hacker-proof security.
As part of the hackathon , the creators who have decided to hide identity challenged hackers to hack their Ethereum Smart contracts and to be rewarded with 1,500 Ether($120,000).
Damn! The lottery masters lot the bet!
Unfortunately for the team, within just 3 days hackers did compromise their smart contract system, ending their boast of invincible security.
However, instead of accepting defeat and honoring their promise reward any successful hackers with 1,500 Ether, the team decided to pull out their funds after the hackers claimed just 400 Ether!
The team is still not shamed of neither their bust apple nor their betrayal in pulling out the funds they promised the hacker, instead they are happy congratulating the hackers for exposing the flaw in their system before the ICO time.
What is next?
While the hacking issue could have cussed investors to doubt the security of the system, the manner in-which the creators reacted would further increase doubt in the system.
How could the team behind Smart Billions expert the world to trust them and invest funds into their ICO when:
- they remain anonymous
- they fail to deliver on their promises
- they "hacked" their own system to steal the money promised to winners of their hackathon?
The most disturbing thing about the team's action is the fact that they used backdoor access to draw out the funds promised to the hackers. Given the fact that the team members are anonymous, they could use another backdoor access to pull out funds from the ICO.
The Smart Billions ICO will come on 16 October.
What do you think?