Finance: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
- ↑ "Startups Keep Trying to Get People to Pay for Sex on the Blockchain" (in en). https://www.vice.com/en/article/3k7ek8/spankchain-bigboobscoin-cryptocurrency-for-porn-startups.
- ↑ Barrett-Ibarria, Sofia; Barrett-Ibarria, Sofia (2019-03-21). "How Cam Models Are Finding Freedom in Cryptocurrency" (in en-US). Rolling Stone. https://www.rollingstone.com/culture/culture-features/cam-models-sex-work-cryptocurrency-bitcoin-797006/. Retrieved 2021-07-09.
- ↑ Cuen, Leigh (2017-10-14). "Beyond Bitcoin: Blockchain Tokens In The Sex Industry". https://www.ibtimes.com/beyond-bitcoin-blockchain-tokens-sex-industry-2601252.
- ↑ "Ora anche l'industria del porno ha la sua criptomoneta: Spankcoin" (in it). Wired. 2018-01-18. https://www.wired.it/economia/business/2018/01/18/porno-criptomoneta-spankcoin/. Retrieved 2021-07-09.
- ↑ "A Blockchain Startup Is Calling for Sex Workers to Out Congressmen Clients Who Supported FOSTA" (in en). https://www.vice.com/en/article/d354qw/spankchain-reward-for-congressmen-politicians-who-supported-fosta-sesta.
- ↑ "Bitcoin review: Webcam users enjoy SpankChain... SEC fines Mayweather". https://www.bizjournals.com/newyork/news/2018/11/30/bitcoin-review-webcam-users-enjoy-spankchain.html.
- ↑ 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". Frontiers in Computer Science 3. doi:10.3389/fcomp.2021.598780. ISSN 2624-9898.
- ↑ 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. ISSN 0921-898X.
- ↑ Kharif, Olga (6 December 2018). "Crypto Market Crash Leaving Bankrupt Startups in its Wake". Bloomberg. https://www.bloomberg.com/news/articles/2018-12-06/crypto-market-crash-is-causing-startups-to-shutter-operations.
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