Crypto casino Metawin was recently targeted by a hacking attack, resulting in a loss of over $4 million. This information was provided by blockchain investigator ZachXBT.
Details of the Attack
Metawin CEO Richard 'Skel' Skelhorn stated that the hack targeted the platform’s withdrawal mechanism designed for swift transactions. This 'frictionless withdrawal system' allowed the hacker to access and drain funds from hot wallets tied to Ethereum and Solana. Following the incident, withdrawals were immediately suspended to prevent further losses, though most users have regained access to their funds after system security was enhanced.
Platform's Response
Skelhorn assured users that his team is actively working to strengthen platform security. He acknowledged the incident on Metawin's Discord, confirming that authorities have been contacted and internal adjustments are being made to prevent similar incidents. Additionally, Skelhorn disclosed that he personally covered part of the financial impact.
Rise in Crypto Security Incidents
The Metawin hack adds to the growing list of crypto security issues this year. According to CertiK, $129.6 million in crypto was lost in October alone due to hacks, scams, and flash loan attacks. Exploits accounted for the largest share of stolen assets, totaling $127 million. Among recent incidents, the Radiant Capital attack stands out, with over $50 million lost.
The hacking attack on Metawin underscores the importance of strengthening security measures in the cryptocurrency industry. The platform is taking steps to prevent recurrences, but users should remain vigilant and employ measures to protect their assets.
