Crypto casino Metawin recently suffered a hack, resulting in a loss of over $4 million. Blockchain investigator ZachXBT aided in uncovering the breach's details.
Metawin Incident: What Happened
The hack targeted the platform’s withdrawal mechanism, designed for swift transactions. Hackers accessed hot wallets tied to Ethereum and Solana to drain funds. Metawin temporarily suspended withdrawals to prevent further losses and resumed operations for 95% of users after securing its systems.
Immediate Platform Response and User Impact
Metawin CEO Richard 'Skel' Skelhorn assured users that his team is working diligently to strengthen platform security. He announced the incident on the Metawin Discord, confirming that authorities were alerted and internal adjustments are underway to prevent future occurrences. Skelhorn stated that he personally absorbed part of the financial losses.
Rising 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 from hacks and fraud. These incidents include vulnerabilities like the Radiant Capital attack with a loss exceeding $50 million, a $36 million phishing scam, and a $13 million hack at the M2 exchange.
The Metawin incident highlights the escalating security threats in the crypto world. Fortifying security measures is crucial to maintaining user trust.
