{{Short description|Blockchain based adult payment company}} {{more citations needed|date=July 2021}}
'''SpankChain''' is an adult entertainment website and cryptocurrency exchange mostly used for exchanges in the sex work industry.<ref>{{Cite web|title=Startups Keep Trying to Get People to Pay for Sex on the Blockchain|url=https://www.vice.com/en/article/spankchain-bigboobscoin-cryptocurrency-for-porn-startups/|access-date=2021-07-09|website=Vice.com|date=3 March 2018 |language=en}}</ref><ref>{{Cite magazine|last1=Barrett-Ibarria|first1=Sofia|last2=Barrett-Ibarria|first2=Sofia|date=2019-03-21|title=How Cam Models Are Finding Freedom in Cryptocurrency|url=https://www.rollingstone.com/culture/culture-features/cam-models-sex-work-cryptocurrency-bitcoin-797006/|access-date=2021-07-09|magazine=Rolling Stone|language=en-US}}</ref> Users pay for services using SpankChain Ethereum-based coin "SPANK".<ref>{{Cite web|last=Cuen|first=Leigh|date=2017-10-14|title=Beyond Bitcoin: Blockchain Tokens In The Sex Industry|url=https://www.ibtimes.com/beyond-bitcoin-blockchain-tokens-sex-industry-2601252|access-date=2021-07-09|website=International Business Times}}</ref> The SpankChain's tokens are sometimes referred to as "SpankCoin".<ref>{{Cite magazine|date=2018-01-18|title=Ora anche l'industria del porno ha la sua criptomoneta: Spankcoin|url=https://www.wired.it/economia/business/2018/01/18/porno-criptomoneta-spankcoin/|access-date=2021-07-09|magazine=Wired|language=it}}</ref>
== 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.<ref>{{Cite web|title=A Blockchain Startup Is Calling for Sex Workers to Out Congressmen Clients Who Supported FOSTA|url=https://www.vice.com/en/article/spankchain-reward-for-congressmen-politicians-who-supported-fosta-sesta/|access-date=2021-07-09|website=Vice.com|date=9 April 2018 |language=en}}</ref> The company reportedly had 6,000 users as of October 2018.<ref>{{Cite web|title=Bitcoin review: Webcam users enjoy SpankChain... SEC fines Mayweather|url=https://www.bizjournals.com/newyork/news/2018/11/30/bitcoin-review-webcam-users-enjoy-spankchain.html|access-date=2021-07-09|website=www.bizjournals.com}}</ref>
In 2018, a malicious attacker stole 165 Ether (valued at $40,000) from SpankChain by exploiting a vulnerability in the Ethereum blockchain.<ref>{{Cite journal|last1=Alkhalifah|first1=Ayman|last2=Ng|first2=Alex|last3=Watters|first3=Paul A.|last4=Kayes|first4=A. S. M.|date=2021-02-17|title=A Mechanism to Detect and Prevent Ethereum Blockchain Smart Contract Reentrancy Attacks|journal=Frontiers in Computer Science|volume=3|article-number=598780 |doi=10.3389/fcomp.2021.598780|issn=2624-9898|doi-access=free|url=https://figshare.com/articles/journal_contribution/A_Mechanism_to_Detect_and_Prevent_Ethereum_Blockchain_Smart_Contract_Reentrancy_Attacks/15033867/2/files/28911534.pdf}}</ref><ref>{{Cite journal|last1=Hornuf|first1=Lars|last2=Kück|first2=Theresa|last3=Schwienbacher|first3=Armin|date=2021-03-29|title=Initial coin offerings, information disclosure, and fraud|journal=Small Business Economics|volume=58 |issue=4 |pages=1741–1759 |doi=10.1007/s11187-021-00471-y|s2cid=211739131|issn=0921-898X|doi-access=free|hdl=10419/214964|hdl-access=free}}</ref> After the cryptocurrency bubble of 2018 burst, the company downsized to eight employees.<ref>{{Cite news|last=Kharif|first=Olga|title=Crypto Market Crash Leaving Bankrupt Startups in its Wake|url=https://www.bloomberg.com/news/articles/2018-12-06/crypto-market-crash-is-causing-startups-to-shutter-operations|access-date=2021-07-09|newspaper=Bloomberg|date=6 December 2018 }}</ref>
== References == {{Reflist}}
== External links == * https://spankchain.com
Category:Cryptocurrency exchanges Category:Pornography