Consider system:
$\dot x = ax - {e^{\tanh \left( k \right)}}x$
$\dot k = - \frac{1}{{{{{\mathop{\rm sech}\nolimits} }^2}\left( k \right)}}\frac{1}{{{e^{\tanh \left( k \right)}}}}a{x^2}$
where, $a>e=2.71828\dots$ Choose a Lyapunov function as
$V(x,k) = \frac{1}{2}{x^2} + {e^{{\mathop{\rm tanh}\nolimits} \left( k \right)}}$
Its time derivative is
$\begin{aligned} \dot{V} &=x\left(a x-e^{\tanh ({k})} x\right)+e^{\operatorname{tanh}({k})} \operatorname{sech}^{2}({k}) \dot{{k}} \\ &=a x^{2}-e^{\tanh ({k})} x^{2}-a x^{2} \\ &=-e^{\tanh ({k})} x^{2} \leq 0 \end{aligned}$
This implies the asymptotic stability of $x$. However, since $a$ is larger than ${e^{\tanh \left( k \right)}}$, this system is clearly unstable. To be more specific, consider another "Lyapunov" function (clearly this should not be called Lyapunov function, see answer for clearification):
$U(x,k)=\frac{1}{2}x^2$
$\begin{aligned} \dot U &=x\left(a x-e^{\tanh ({k})} x\right) \\ &=\left(a-e^{\tanh ({k})}\right) x^{2} \geq 0 \end{aligned}$
According to Chetaev instability theorem, $x=0$ is an unstable equilibrium.
Why comes this contradiction?