Crypto casino Metawin fell victim to a hacker attack, resulting in a loss of over $4 million. The incident occurred due to a vulnerability in the withdrawal system.
Incident Details
According to Metawin CEO Richard 'Skel' Skelhorn, hackers targeted the platform's withdrawal mechanism, allowing them to access hot wallets linked to Ethereum and Solana. The affected wallets were secured, but the system was temporarily suspended to prevent further losses, allowing withdrawals for 95% of users to resume later. Blockchain investigator ZachXBT, known for tracing crypto exploits, assessed the hack alongside Metawin and found that the hacker accessed more than 115 addresses. Using blockchain forensics, it was revealed that stolen funds were routed through Kucoin and a nested service on HitBTC.
Platform Response and User Impact
Richard Skelhorn assured users that his team is working tirelessly to bolster platform security. He also announced on Metawin's Discord that authorities have been contacted and internal adjustments are being made to prevent similar incidents in the future. Skelhorn personally covered part of the financial impact, sharing, 'I just emptied my piggy bank… We keep building.'
Growing Crypto Security Threats
The Metawin hack adds to a list of crypto security incidents this year. According to blockchain security firm CertiK, October alone saw $129.6 million in crypto losses from hacks, exit scams, and flash loan attacks. Hacks accounted for the largest share of lost assets, with $127 million. Among recent incidents, the Radiant Capital hack stands out, where the lending protocol lost over $50 million.
The hacker attack on Metawin highlights vulnerabilities in withdrawal systems and the need to enhance security in the crypto industry. Such incidents demonstrate the growing interest of hackers in digital assets and the necessity for improved protective measures.
