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SpankChain

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]

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.

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