Since blockchain use cases started accelerating their pace, so why should adult entertainment industry lag behind? In a recent news story, SpankChain, a crypto economic powered adult entertainment ecosystem built on the Ethereum network is expected to have received back all those capital that it lost while breaching security on 6th October.

The official of the company confirmed that the fund amounting to 165 ETH ($32,000) after exploiting a bug in one of SpankChain’s smart contracts, the hacker who managed to create and received back from SpankChain. The company is the name of the Ethereum-based smart contract, and BOOTY is the ERC-20 token used to tip performers during live webcam shows.

The entire event came into light the day it actually happened. With this, SpankChain urged investors to reimburse their money. Out of the entire capital, almost $9000 comprises of customer funds. Further speaking to the subject matter, SpankChain said “it had given the hacker $5000 in ETH as a “reward,” along with refunding the capital used to initiate the attack – another 5.5 ETH ($1070).”

At a time of the attack, the vicious party impeded the 4000 units of SpankChain’s native BOOTY token, which was released significantly. The kind of vicious event may not expect to occur if altcoins projects present. Let us not forget that the refunds may not be possible in case of others token as it may have been possible in case of SpankChain.

The hacking may affect the entire ecosystem of cryptocurrency throughout the year across various exchange platforms namely Bithumb, Zaif that have lost numerous coins recently.

As and when crypto-based activity started gaining its adoption, the complexity like hacking activities have started sprawling their legs by creating an unnecessary hurdle. This is only the reason that the new age tech – cryptocurrency, blockchain tech should have proper risk management practice in place that protects the interests of stakeholders involved!!

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