An exploit of a SpankChain smart contract last weekend led to losses of around $38,000, the team explained in a recent blog. The haul affected both users and SpankChain storage wallets:

“At 6 pm PST Saturday, an unknown attacker drained 165.38 ETH (~$38,000) from our payment channel smart contract which also resulted in $4,000 worth of BOOTY on the contract becoming immobilized. Of the stolen/immobilized ETH/BOOTY, 34.99 ETH (~$8,000) and 1271.88 BOOTY belongs to users (~$9,300 total), and the rest belonged to SpankChain.”

The exploit, though small in perspective, shows that faulty, untested smar…

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