SpankChain
Blockchain based adult payment company
From Wikipedia, the free encyclopedia
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] and it was considered to be one of the most successful cryptocurrency sites in the industry at the time.[7]
In 2018, a malicious attacker stole 165 Ether (valued at $40,000) from SpankChain by exploiting a vulnerability in the Ethereum blockchain.[8][9] After the cryptocurrency bubble of 2018 burst, the company downsized to eight employees.[10] In 2019, the company launched SpankPay, a payment platform for online pornography.[11]