On November 3, MetaWin, an online cryptocurrency casino, was hit by a significant security breach that resulted in the loss of around $4 million from its hot wallets.
Richard “Skel” Skelhorn, CEO of MetaWin, confirmed that the company has replenished its funds following the attack. To safeguard user assets, MetaWin temporarily halted withdrawals but has since re-enabled them for roughly 95% of its clientele.
The security breach exploited MetaWin’s frictionless withdrawal system, granting the attacker access to both Ethereum (ETH) and Solana (SOL) wallets. Blockchain investigator ZachXBT traced the movement of the stolen funds to the KuCoin exchange and a secondary service on HitBTC, identifying 115 wallet addresses linked to the perpetrator.
In response to the breach, Skelhorn stated that MetaWin has reached out to law enforcement, and the investigation is now with federal authorities. In a communication shared by ZachXBT, Skelhorn reassured users, stating, “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 mentioned 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 of cyberattacks targeting the cryptocurrency industry. Last month, DeFi platform Radiant Capital experienced a staggering $58 million loss due to vulnerabilities in its multi-signature wallets on the BNB Chain and Arbitrum networks. Similarly, the M2 exchange lost $13 million when hackers infiltrated its hot wallets.
The overall security environment in the cryptocurrency sector has come under scrutiny, with reports indicating that October 2024 saw 20 major exploits leading to total losses of approximately $88.47 million.
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