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SpankChain, Adult Website Built on the Ethereum Platform, Foregoes Security Audit, Gets Hacked

SpankChain, Adult Website Built on the Ethereum Platform, Foregoes Security Audit, Gets Hacked

SpankChain, a blockchain-based porn website built on the Ethereum network, announced via a blog post on Oct. 9 that it had been hacked and lost a total of 165.38 ETH (approx. $38,000) and BOOTY worth $4,000. Users lost 34.99 ETH (approx. $8,000) and 1,271.88 BOOTY (approx. $9,300), and SpankChain lost the remaining balance. The unknown hackers took advantage of a “reentrancy” bug, similar to the one exploited in the 2016 The DAO hack. The hack or its success is partly due to SpankChain foregoing a security audit because of high costs. In the blog post, the SpankChain team said:

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