Crypto casino Metawin faced a hacking attack, resulting in a loss of over $4 million. Blockchain investigator ZachXBT unveiled the details.
Details of the Hacking Incident
Metawin CEO Richard “Skel” Skelhorn revealed that the hack targeted the platform’s withdrawal mechanism designed for swift transactions. The hacker exploited this 'frictionless withdrawal system' to access and drain funds from hot wallets tied to Ethereum and Solana. Withdrawals were immediately suspended to prevent further losses, but have since resumed for about 95% of users. ZachXBT assisted Metawin in assessing the attack, uncovering over 115 unauthorized transactions, demonstrating high technical skill. The funds were routed through Kucoin and HitBTC, complicating the tracing process. The identity and motivation of the hacker remain unknown.
Immediate Platform Response and User Impact
In response to the hack, Skelhorn assured users that his team is tirelessly fortifying platform security. He acknowledged the incident on Metawin's Discord and has contacted authorities to implement 'internal adjustments' to avert similar future occurrences. Skelhorn also 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 the growing list of crypto security breaches this year. According to the blockchain security firm CertiK, October alone saw $129.6 million in crypto losses due to hacks, exit scams, and flash loan attacks. Exploits accounted for the greatest share of these losses — $127 million. Among recent incidents, the Radiant Capital hack stands out, with over $50 million stolen.
The attack on Metawin highlights the need for enhanced crypto platform security measures. Users and operators must prioritize the protection of digital assets.
