Hackers exploit bug in Ethereum-based adult entertainment platform

SpankChain announced on their blog that an unknown hacker exploited a bug in the platform's payment channel smart contract to steal ~$38,000. The Ethereum-based adult entertainment platform has been taken down for 2-3 days to fix the bug. SpankChain also disclosed that it chose to forego a security audit for the payment channel as the audit was perceived as too expensive ($30,000 - $50,000). The company plans to airdrop the ETH equivalent of 100% of the funds lost to its impacted users. (Source: TNW)