Crypto casino Metawin fell victim to a hacker attack resulting in the theft of over $4 million. The company has taken steps to enhance security and restore the withdrawal process for users.
Details of the Metawin Attack
According to Metawin CEO Richard 'Skel' Skelhorn, hackers targeted the platform's withdrawal mechanism designed for rapid transactions. This 'frictionless withdrawal system' enabled the attackers to access hot wallets linked to Ethereum and Solana and siphon the funds. The attack led to the immediate suspension of all withdrawal operations to prevent further losses. Withdrawals for 95% of users have been reinstated following system security enhancements.
Immediate Platform Response
In response to the hack, Richard Skelhorn assured users that his team is actively working to bolster platform security. He acknowledged the incident on Metawin's Discord, confirming that authorities have been notified, and 'internal adjustments' were made to prevent similar future incidents. Skelhorn also revealed that he personally covered part of the financial impact, sharing on Discord: 'I just emptied my piggy bank... We keep building.'
Increase in Crypto Security Incidents
The Metawin hack adds to a growing list of crypto security incidents this year. According to CertiK, October alone saw $129.6 million in losses due to hacks, exit scams, and flash loan attacks. The greatest losses in September were related to exploits, amounting to $127 million. This shows a slight increase from September but a significant decrease compared to the $324.7 million lost in May. Among recent incidents, Radiant Capital lost over $50 million, making it the largest, alongside a $36 million phishing incident and a $13 million hack on the M2 exchange.
The attack on Metawin highlights the growing risk to security faced by crypto platforms operating in the volatile digital landscape. Companies must bolster their defenses to prevent potential threats and minimize user losses.
