Crypto casino Metawin recently faced a hack resulting in losses exceeding $4 million. The attackers targeted the platform's withdrawal mechanism, exposing vulnerabilities in hot wallets.
Details of the Hack
According to Metawin CEO Richard 'Skel' Skelhorn, the hack targeted the fast transaction mechanism of the platform, allowing the hacker to drain funds from hot wallets tied to Ethereum and Solana. Withdrawals were immediately suspended to prevent further losses. Crypto investigator ZachXBT helped assess the hack, where the hacker accessed more than 115 addresses, indicating a high degree of technical expertise.
Immediate Platform Response and User Impact
In response, Skelhorn assured users of ongoing efforts to enhance platform security. The platform has liaised with authorities and is making internal adjustments to avoid future incidents, with withdrawals partially resumed for 95% of users. Skelhorn also revealed that he is personally covering some of the financial impact, highlighting a commitment to continue operations.
Rise in Crypto Security Incidents
The Metawin hack adds to this year's growing list of crypto security breaches. In October alone, total losses from hacks, scams, and flash loan attacks amounted to $129.6 million. Exploits accounted for the greatest losses, totaling $127 million. The largest incident was a $50 million attack on Radiant Capital. Other significant attacks include a $36-million phishing incident and a $13-million hack on the M2 exchange.
The Metawin hack underscores the importance of robust security in the crypto industry. Enhancing security measures and collaborating with law enforcement are vital to preventing future incidents.
