SpankChain

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

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. The company reportedly had 6,000 users as of October 2018, and it was considered to be one of the most successful cryptocurrency sites in the industry at the time.

In 2018, a malicious attacker stole 165 Ether (valued at $40,000) from SpankChain by exploiting a vulnerability in the Ethereum blockchain. After the cryptocurrency bubble of 2018 burst, the company downsized to eight employees. In 2019, the company launched SpankPay, a payment platform for online pornography.

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. ↑ Rosenberger, Patrick (2018-06-11). Bitcoin und Blockchain: Vom Scheitern einer Ideologie und dem Erfolg einer revolutionären Technik (in German). Springer-Verlag. pp. 59–60. ISBN 978-3-662-56088-4.
  8. ↑ 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.
  9. ↑ 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.
  10. ↑ Kharif, Olga (6 December 2018). "Crypto Market Crash Leaving Bankrupt Startups in its Wake". Bloomberg. Retrieved 2021-07-09.
  11. ↑ Robitzski, Dan (2019-08-01). "Finally, porn is on the blockchain". Futurism. Retrieved 2026-07-06.