Spankchain Recovers Lost Money

Spankchain is an ethereum based adult entertainment platform, which accepts-Ethereum-based tokens as payment to the performers for online services rendered. They however confirmed that they have recovered all funds lost, due to a security breach on October 6th.

Officials of the company  said in a tweet on October 12 that they had managed to establish contact with the hackers who had managed to steal 165 ETH from the company’s smart contract. It was announeced that the hacker had purportedly agreed to return the amount in full.

Spankchain had promised to reimburse the users who had lost their money-these losses were estimated at almost 9000 USD.

Linking to an exchange validating the transfer, SpankChain announced that it had presented the hacker with $5000 in ETH as a “reward,” and had also refunded the initial amount used to commence the attack- a further 5.5 ETH ($1070).

“Congratulations, anonymous haxor!”, concluded the tweet.

The malicious bug had also immobilized 4000 units of Spankchain’s  token- BOOTY. Following negotiations with the hacker, these were also subsequently released.

This is indeed a landmark event with regards to cryptocoin projects and their security trials. This is the case because an investigation into such affairs has rarely resulted in a voluntary refund.

One way hacks continue to plague this arena of cryptocurrency with exchange platforms such  as Bithumb and Zaif reporting the loss of coins in the recent months.