SpankChain spanked by Smart Contract Hack

Among the 1500+ cryptocurrency tokens in blockchain space is one named BOOTY that is issued by SpankChain for anonymized purchases of *cough* adult content. Coindesk reports that a hacker used a smart contract bug to steal almost USD $40,000 in ETH cryptocurrency from SpankChain. Apparently, the hacker took advantage of a *cough* “reentrancy” bug in SpanChain’s smart contract code, a technique similar to a major 2016 hack of The DAO crypto project. In hindsight, SpankChain reportedly regrets this back door vulnerability.

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