On November 3, MetaWin, an online crypto casino platform, was targeted in a cyberattack that resulted in a loss of approximately $4 million from its hot wallets.
In the aftermath of the breach, MetaWin’s CEO Richard “Skel” Skelhorn announced that the company had replenished the affected funds. However, in a precautionary measure to safeguard user assets, MetaWin temporarily suspended withdrawals. The platform has since resumed withdrawal services for roughly 95% of its users.
The cyber intrusion exploited MetaWin’s seamless withdrawal system, enabling the attacker to gain access to both Ethereum (ETH) and Solana (SOL) hot wallets. Blockchain investigator ZachXBT tracked the stolen funds, revealing their movement to the KuCoin exchange and a nested service on HitBTC, linking them to 115 wallet addresses associated with the perpetrator.
In response to the incident, Skelhorn stated that MetaWin has engaged with law enforcement, with the matter now being investigated by federal authorities. In a communication shared by ZachXBT, he reassured users, “We’re not gonna dwell on it. It’s in the hands of the feds now… we will make some internal adjustments to keep the players happy but the bad actors at bay.” He also disclosed that he personally covered part of the losses, saying, “I just emptied my piggy bank… We keep building.”
This incident is part of a troubling trend in the cryptocurrency industry, which has seen a number of high-profile hacks recently. Just last month, DeFi platform Radiant Capital lost $58 million due to vulnerabilities in its multi-signature wallets on the BNB Chain and Arbitrum networks. Additionally, the M2 exchange suffered a $13 million loss after hackers accessed its hot wallets.
The security environment for cryptocurrencies is under increasing scrutiny, with reports from October 2024 indicating 20 major exploits leading to combined losses of approximately $88.47 million.
Related topics:
Paxos Launches USDG Stablecoin in Line with Singapore’s Regulatory Standards
BlackRock’s IBIT Records $872 Million Inflow Amid Bitcoin ETF Surge
South Korea Sees Surge in Crypto Investors Amid Market Cap Growth
