The Blockchain Lottery SmartBillions Was Hacked for $120,000
On October 4, SmartBillions launched its hackathon event. The goal of which was to find any weak spots before the ICO’s (Initial Coin Offerings) Launch.
Recently more and more similar hackathons are being held with the purpose of helping IT-developers check and their codes vulnerability. Anyone is free to participate in such hackathons if given the necessary skills and desire to set one’s hacking abilities. Hackers who are successful in hackathons can expect to be rewarded with a great deal of money. While the teams behind the hackathon stand to improve the security and safety of their project, bringing it to the next level.
The developer team behind SmartBillions is putting a lot of time, effort, and resources into guaranteeing that their blockchain-based lottery will be as secure as possible for investors.
And that is the very reason as to why the team decided to hold a hackathon with a prize fund totalling $500,000. The terms of the hackathon dictate that whoever is capable of breaching the lotteries security system will be able to withdraw the funds that are held on a specific wallet and keep them.
Towards the end of October 4, a talented hacker was capable of breaching the smart lotteries security system, managing to earn 400 ETH or $120,000 for himself.
However, the developer team behind SmartBillions wasn’t thrown back by this, due to the fact that they will now be able to fix the newly found security issue, improving their platform for investors as a result. Ultimately this hackathon has helped SmartBillions prevent a security breach after the ICO launch!
This situation clearly shows that the dev team behind the SmartBillions lottery is ready to wager their personal assets as a means to ensure that their platform will keep investor and prize funds as safe as possible. This is some great dedication on behalf of the dev team.
The team behind SmartBillions believes that hackathons are a very effective and progressive form of guaranteeing the security and safety behind a project. That is the reason as to why SmartBillions decided to host another hackathon on October 5 to keep on improving their systems by undergoing all kinds of security checks.
The SmartBillions ICO is set to start on October 16, 2017, and will last for two weeks. During the ICO, Investors will be able to acquire SmartBillions tokens, known as PLAY tokens. The total amount of smart tokens that will be released during the ICO will amount about 252 million tokens or 200,000 ETH, which is about $58 million according to todays exchange rate. The price for one token will be 0.001 ETH or $0.30. 80 percent of the tokens raised will be distributed to investors, while the rest will go towards the developer team.
Investors will receive the PLAY tokens in their Ethereum wallet automatically after the ETH has been transferred to SmartBillions.
It should be noted that there are a few things that make PLAY tokens very appealing for investment purposes:
- The SmartBillions lottery will be fully tested and ready to run prior to the ICO, which puts it ahead of other projects who simply start issuing tokens without actually having a ready to go product.
- At any point after the ICO, Investors will be able to redeem their tokens for a 71.43 percent refund of the total purchase price. Therefore, even during the most volatile market times, the maximum loss that an investor could experience would only be about 28.57 percent of the initial investment amount. However, the chances of a loss occurring with the SmartBillions project are very slim, due to the revolutionary nature of it as well as the size of the industry.
- Monthly dividends will be issued based on the amount of tokens sold.
Therefore, tokenholders will be able to enjoy a stable income based on their holdings. About 94-95 percent of the funds raised during the lottery ticket sales will be sent directly towards the prize fund of the lottery, while five percent of the amount will be used for dividends, and the other 0-1 percent as a return for affiliates.
Within two weeks of the ICO’s conclusion, PLAY tokens will be up for purchase on many popular cryptocurrency exchanges. However, it should be noted that the market price of tokens will be much greater than the price of the tokens during the ICO.
About 90 percent of the funds gathered during the ICO will be used to fund the platforms. Jackpot and 10 percent will be used for marketing purposes.
To find out more information pertaining to the ICO as well as the project itself, refer to the project’s website https://www.smartbillions.com and check out their whitepaper at: https://www.smartbillions.com/docs/SmartBillions_Smartpaper.pdf