Fraudsters fooled after successful ICO hack

The development team of SmallBillions, a blockchain lottery, has decided to hold a hackathon before holding their Ethereum-based ICO. The one who will successfully hack the smart contract will get 1500 ETH, they promised (this sum, according to Coingecko, equals $448,013 at the press time).

However, when some hackers managed to hack this contract, they could steal only 400 ETH, which tells that in reality, those anonymous developers would not fulfill their promise. And furthermore, is has become known that the development team wanted to withdraw funds right after the ICO. This also makes believe that in this occasion, hackers taught ICO fraudsters a lesson, which greatly differs with other hacks.

The cryptocurrency community has positively reacted to the news, some calling it funniest thing they’ve seen in a while. This all once again highlights the problems the current ICO market has, the lack of credibility of offering parties being the primary one.