Crypto casino Metawin recently faced a security breach, resulting in a loss of over $4 million. CEO Richard 'Skel' Skelhorn outlined the incident and the steps being taken.
Details of the Hack
The hack targeted the casino'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.
Immediate Response and User Impact
In response to the hack, Metawin suspended withdrawals to prevent further losses. Withdrawals have since been re-enabled for about 95% of users. Skelhorn addressed users on Discord, explaining the company's efforts to fortify security and that he personally covered part of the financial impact.
Rise of Security Incidents in Crypto
The Metawin incident adds to a growing list of security breaches in the crypto industry. According to CertiK, $129.6 million was lost in October alone due to similar attacks. The majority were stolen through hacks.
The incident with Metawin highlights the urgent need for strengthened security measures in the cryptocurrency industry. The company continues to restore its platform and enhance defenses to prevent future occurrences.
