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.
Coinbase Closes Its Bundle Product After 8 Months On The Market
‘’Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.’’Coinbase Bundles were meant to provide the investors with a diversified digital asset portfolio which could be dollar-cost averaged by using the same tactic that the investors use in traditional asset classes. Investors could also spend up to $25 to purchase a bundle of five cryptocurrencies which were easily balanced in proportion to their own market cap. For example, Litecoin, Ethereum Classic, Ethereum, and Bitcoin comprised each bundle. In a combination with Coinbase Learn and Asset Pages, the bundles were meant to look good for crypto newbies that are aiming for the dollar cost average into some long positions without having to conduct a huge amount of technical analysis. When it was first introduced in 2018 in September, Coinbase noted:
‘’The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.’’Now, after 8 months, Coinbase closes the Bundle project and this decision is bound to draw some criticism but maybe pleasure as well from those who dislike the company. It could be a very smart move to bin the product since the altcoins have been crashing recently as bitcoin corrected and managed to get on the rallying track. As noted in the latest cryptocurrency news, the cancellation of the Coinbase Bundle product could add some credibility to the argument that the diversification does not always work for crypto despite the sector being too volatile or calm.
Global Accounting Firm KPMG Partners With Microsoft To Develop Blockchain
“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”The blockchain being piloted by KMPG, Microsoft and R3 is definitely a hot topic and aims to reduce the future costs, number of disputes and time involved in telecom settlements caused by “billions of mobile interactions flow[ing] through hundreds of connected networks managed by dozens of customers and suppliers.” However, it is not just future costs that the business partnership wants to solve. On the table are also current inefficiencies in the markets such as settlements and reconciliations which are currently handled manually and can take a month to be completed, Ghosh said. Currently, he said, a huge amount of data is generated around mobile devices. However, it goes a long way to know the conditions of a user's contract and their billing information - which must be authenticated by at least two parties if cross-service operations occur. Before the blockchain initiative, the global accounting firm KMPG had advised telecom operators on capital-efficient deployment of 5G networks, cyber security, privacy and data protection - all of which was featured in our coming altcoin news.
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