Crypto casino Metawin recently suffered a security breach, resulting in the loss of over $4 million. Investigator ZachXBT reported the attack on the platform’s withdrawal mechanism.
Details of the Incident
According to Metawin's CEO Richard 'Skel' Skelhorn, the hack targeted the platform’s withdrawal system, designed for swift transactions. This system allowed the hacker to access and drain funds from hot wallets tied to Ethereum and Solana. Following the exploit, withdrawals were immediately suspended to prevent further losses. The platform has since re-enabled withdrawals for about 95% of users after securing its systems.
Immediate Platform Response and User Impact
In response to the hack, Skelhorn assured users that his team is working tirelessly to enhance platform security. He acknowledged the incident on Metawin's Discord, confirming that authorities have been contacted and the platform is making 'internal adjustments' to prevent similar incidents. Skelhorn also revealed that he personally covered part of the financial impact, stating, 'I just emptied my piggy bank… We keep building.'
Rise of Security Incidents in Crypto Industry
The Metawin hack adds to a growing list of security incidents in the crypto industry 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. Exploits accounted for the majority, totaling $127 million. This figure is slightly higher than in September but significantly lower than the $324.7 million lost to hacks in May. Among recent incidents, the Radiant Capital hack stands out, with over $50 million lost, along with phishing attacks and breaches on various exchanges.
The Metawin incident underscores the growing security threats in the crypto industry and the need for stronger protective measures.
