SpankChain, an Ethereum-based entertainment platform for adults, was attacked by hackers and quickly made its way into the crypto news today.
The security breach led to losing more than $38,000. The hack allegedly took place on October 6 and was discovered only the day after.
Attackers who are still unknown managed to steal approximately 165 Ethereum or $38,000 from the payment channel smart contract. Also, the hackers managed to steal up to $4,000 worth of the platform’s internal token named BOOTY.
The platform stated that bringing back all the clients’ stolen assets is an immediate priority. SpankChain will repay about $9,400 worth of Ethereum and Booty tokens directly to all users who were affected.
The company stopped its Spank.Live cam service in order to protect users by preventing them to deposit via the payment channel smart contract. The website is expected to reboot and the process is expected to take about 3 days.
The hackers possibly created a malicious contract that mimics ERC20 token that can do the transfer function that can go back into the payment channel smart contract hundreds of times without stopping, stealing Ethereum each and every time.
Smart contracts are really difficult to hack but since they are a young technology, it is prone to go bugs which can be considered an open door for scammers and hackers.
The adult entertainment industry is really using the benefits of cryptocurrencies and blockchain technology because the possibilities the technology offers in the context of anonymity and privacy.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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