As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I can’t help but feel a sense of deja vu when I read about yet another high-profile security breach. The crypto sector seems to be a magnet for hackers, with incidents like MetaWin’s $4 million loss just the latest addition to an ever-growing list.
On November 3, the cryptocurrency casino platform MetaWin experienced a security incident, resulting in an estimated loss of around $4 million from their hot wallets.
In simpler terms, the leader of MetaWin, Richard “Skel” Skelhorn, shared that they’ve replenished their resources after an attack. However, they temporarily halted withdrawal options as a safety measure for users’ funds. Now, they’ve resumed withdrawals for approximately 95% of their clientele.
The breach was facilitated through MetaWin’s frictionless withdrawal system, allowing the attacker to access both Ethereum (ETH) and Solana (SOL) hot wallets. Blockchain investigator ZachXBT tracked the hacker’s movement of the stolen funds to KuCoin exchange and a nested service on HitBTC, identifying 115 wallet addresses connected to the malicious actor.
As reported by Skelhorn, MetaWin has reached out to the relevant authorities, and the matter is currently being handled by federal investigators.
In a post by ZachXBT, Skelhorn communicated to users, “We won’t focus on it anymore. It’s been handed over to federal authorities…We’ll implement some changes internally to ensure the satisfaction of our users while preventing any mischievous individuals. He also mentioned that he personally took care of some of the damages by stating, “I just spent all my savings… We continue to grow.” In simpler terms, Skelhorn conveyed that they are leaving the matter with the federal authorities, making changes within their organization to keep both users and troublemakers at bay, and using his personal funds to cover some losses while continuing to develop.
MetaWin’s incident is part of a string of significant cyber attacks targeting the cryptocurrency industry. For instance, DeFi platform Radiant Capital experienced a $58 million loss in the last month as hackers manipulated weaknesses in their multi-signature wallets on the BNB Chain and Arbitrum networks. Similarly, M2 exchange has also recently suffered a $13 million theft when cybercriminals gained access to its hot wallets.
Furthermore, the safety of cryptocurrencies has come under close examination, as reported in October 2024, there were around 20 significant breaches resulting in estimated losses of about $88.47 million.
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2024-11-04 12:41