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.
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).
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.
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:
The Smart Billions ICO will come on 16 October.
What do you think?
