The crypto world has witnessed yet another security breach. Metawin, an online crypto casino operating on the Ethereum and Solana networks, recently suffered a hack leading to a loss of around $4 million. This exploit targeted the platform’s “seamless withdrawal” system, exposing a vulnerability that allowed the attacker access. Confirmed by Metawin CEO Richard Skelhorn, this incident has sparked significant reactions from the user base.
Metawin Hacked: Funds Drained from Ethereum and Solana Wallets
Independent crypto security researcher ZachXBT provided detailed insights into the attack. According to his findings, the hackers siphoned funds from approximately 115 wallets, rapidly transferring assets to other exchanges. A significant portion of the stolen funds was moved to KuCoin and HitBTC, where the attackers aimed to cash out and cover their tracks in what appears to be a meticulously planned operation.
The breach specifically targeted Metawin’s hot wallet system, known for storing crypto assets on internet-connected servers to facilitate easy access. However, as ZachXBT pointed out, hot wallets carry higher risks compared to cold storage solutions. He emphasized the growing number of such attacks in the crypto space, suggesting that the industry must adopt stricter security measures.
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CEO Responds to Incident
In response, Metawin quickly took steps to mitigate user losses. CEO Richard Skelhorn assured users on Discord that the company would cover the stolen funds and that withdrawal functionalities had been restored. He acknowledged the security gap highlighted by the hack and pledged to review the platform’s protective measures. Additionally, Skelhorn shared that federal authorities are now investigating the case, and he hinted at personally covering a portion of the losses.
“These incidents remind us of the importance of robust security in the crypto world,” Skelhorn stated, emphasizing that user safety remains the company’s top priority. He also stressed that the platform would implement stronger security protocols to prevent future breaches.
The Growing Need for Stronger Crypto Security
The increasing popularity of decentralized finance (DeFi) and digital assets has unfortunately paralleled a rise in cyberattacks. ZachXBT warned that, unless the crypto sector fortifies its security solutions, similar attacks will likely continue. As The Bit Journal previously reported, incidents like this serve as critical reminders for both platforms and investors about the need for vigilance and resilience against security threats.
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