SmartBillions Hackathon smart contract hacked with $120 000!
SmartBillions Official Hackathon Announcement
We would like to extend our congratulations to the person who first managed to withdraw funds from the smart contract of the official SmartBillions hackathon and express our satisfaction with the outcome. Two separate individuals proved capable of taking out 400 ETH ($120 000), which leads to an opportunity to implement further final smart contract security solutions in order to guarantee comprehensive Investor and lottery protection.
Congratulations to https://etherscan.io/address/0x6245c1804f7fceb305a60bbb5cb6e18f939edb69
The SmartBillions hackathon was held as a final validation of the smart contract security and to secure future ICO Investors funds. The most important goal of the hackathon has always been and will be Investor funds protection. We witnessed the best possible scenario as the breach was revealed during the hackathon process, rather than during the ICO. We strongly believe in this community audit mechanism and, as a result, we’re launching the next hackathon today, following a revision of the smart contract conditions.
As we learned, the function “putHashes” was not executed by the admin as required. The hackathon allowed the team to improve the smart contract in order to validate it conclusively. The administrative strategy has been amended now to protect the investors. The security of the contract will no longer be subject to continued Admin activity.
The updated smart contract will be published soon following the implementation of necessary changes. The new hackathon will commence with the same prize of 1500 ETH. Later today, a detailed description of the improvement will be published together with the description of solutions and modifications made within the smart contract. The SmartBillions Team will be happy to answer all possible questions concerning the course of the hackathon.
The execution of the hackathon provided community members with the opportunity to find a potential breach in the smart contract and to implement further security solutions, which will be tested by yet another hackathon validation. The funds were withdrawn by the team only because there were no smart contract commitments, such as wins payouts or Token redemption. Please see the SmartBillions smart contract to see the limited conditions for fund withdrawal.
Comprehensive transparency, together with Player and Investor protection, is and will always be at the root of blockchain technology and the SmartBillions lottery.