SpankChain

Last updated

SpankChain is an adult entertainment website and cryptocurrency exchange mostly used for exchanges in the sex work industry. [1] [2] Users pay for services using SpankChain Ethereum-based coin "SPANK". [3] The SpankChain's tokens are sometimes referred to as "SpankCoin". [4]

Contents

History

In April 2018, SpankChain offered a $25,000 reward to sex workers who revealed information about political clients who supported the passing of the FOSTA/SESTA acts, which regulated sex work in the United States. [5] The company reportedly had 6,000 users as of October 2018. [6]

In 2018, a malicious attacker stole 165 Ether (valued at $40,000) from SpankChain by exploiting a vulnerability in the Ethereum blockchain. [7] [8] After the cryptocurrency bubble of 2018 burst, the company downsized to eight employees. [9]

References

  1. ↑ "Startups Keep Trying to Get People to Pay for Sex on the Blockchain". Vice.com. 3 March 2018. Retrieved 2021-07-09.
  2. ↑ Barrett-Ibarria, Sofia; Barrett-Ibarria, Sofia (2019-03-21). "How Cam Models Are Finding Freedom in Cryptocurrency". Rolling Stone. Retrieved 2021-07-09.
  3. ↑ Cuen, Leigh (2017-10-14). "Beyond Bitcoin: Blockchain Tokens In The Sex Industry". International Business Times. Retrieved 2021-07-09.
  4. ↑ "Ora anche l'industria del porno ha la sua criptomoneta: Spankcoin". Wired (in Italian). 2018-01-18. Retrieved 2021-07-09.
  5. ↑ "A Blockchain Startup Is Calling for Sex Workers to Out Congressmen Clients Who Supported FOSTA". Vice.com. 9 April 2018. Retrieved 2021-07-09.
  6. ↑ "Bitcoin review: Webcam users enjoy SpankChain... SEC fines Mayweather". www.bizjournals.com. Retrieved 2021-07-09.
  7. ↑ Alkhalifah, Ayman; Ng, Alex; Watters, Paul A.; Kayes, A. S. M. (2021-02-17). "A Mechanism to Detect and Prevent Ethereum Blockchain Smart Contract Reentrancy Attacks" (PDF). Frontiers in Computer Science. 3 598780. doi: 10.3389/fcomp.2021.598780 . ISSN   2624-9898.
  8. ↑ Hornuf, Lars; Kück, Theresa; Schwienbacher, Armin (2021-03-29). "Initial coin offerings, information disclosure, and fraud". Small Business Economics. 58 (4): 1741–1759. doi: 10.1007/s11187-021-00471-y . hdl: 10419/214964 . ISSN   0921-898X. S2CID   211739131.
  9. ↑ Kharif, Olga (6 December 2018). "Crypto Market Crash Leaving Bankrupt Startups in its Wake". Bloomberg. Retrieved 2021-07-09.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.