If there is no struggle, there is no progress
Frederick Douglass
16th October 2017  
 
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The Story

SmartBillions issued a hacking challenge to see any chinks in its smart contract before launching its initial coin offering (ICO). And they got hacked.

 

Ha! Tell me more about the challenge.

On October 2, the team issued a challenge on Medium to see if hackers can spot any weak spots in its system. The company dangled a prize fund totaling 1,500ETH (estimated US$500,000) for “the hacker who can manage to find a way to break into the smart contract and withdraw the funds.”

 

Talk about being cocky!

In their post, the team said: “the development team is so confident in their product and its security that they will risk their own funds (1500 ETH), to demonstrate its safety. The hackathon’s success will prove the smart contract’s stability and security.”

 

Now we go to the good part.

Two days after issuing the challenge, two hackers were able to get away with a total of 400 ETH (US$120,000) before SmartBillions stopped the hackathon. The team said that it was a good thing that they were hacked before their ICO.

 

Takeaway

This incident proves that Bitcoin and Bitcoin Cash are the only cryptocurrencies that provide safety to consumers. Next time, other cryptocurrency companies should ensure that they could walk their talk.

 
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