Metawin Casino Loses $4M in Crypto Hack on Ethereum, Solana

• Metawin Casino lost $4 million from its hot wallets on Ethereum and Solana due to a hacker exploiting a withdrawal system
• Over 115 addresses linked to the attack have been identified, but the hacker’s motive and identity remain unknown
• CEO Richard Skelhorn announced plans for enhanced security measures and reassured users that most withdrawals have been reinstated

The crypto casino platform Metawin lost $4 million from its hot wallets on Ethereum and Solana due to a hacker attack that occurred on November 3. I think that this incident really highlights the vulnerabilities in the crypto sector.

The theft was intercepted by cryptocurrency investigator ZachXBT, and the stolen funds have been transferred so far to Kucoin and a nested service of HitBTC.

Investigation by ZachXBT Reveals Stolen Funds’ Trail

According to Metawin’s CEO, Richard Skelhorn, the hacker exploited the platform’s “seamless withdrawal system.” In a message on Discord, he noted that the platform temporarily suspended withdrawals to access the systems and ensure their security, which I believe was a necessary step.

“Withdrawals have been reactivated for 95% of users, with final checks ongoing for the remaining accounts,” he added.

Meanwhile, ZachXBT has identified over 115 addresses linked to the attack. Currently, neither the motive nor the identity of the attacker is known, which I think is quite concerning. Immediately after the attack, CEO Skelhorn stated that the platform is working to “reload wallet balances.”

“We will also implement additional security checks for new users while evaluating other ways to maintain a flexible and uninterrupted service experience for our loyal community,” he said, which I think is a good approach to regain user trust.

Metawin’s Resilience Amidst Challenges

The attack represented a “challenge” for Metawin and its community, he added. “We are learning from this experience and will come out stronger.” Later, the platform released another update on the status of the incident.

In particular, Skelhorn explained that the company will make some “internal changes” to keep malicious actors away.

“I just emptied my piggy bank; we won’t dwell on this. We will keep building,” he stated, which I think is an encouraging mindset.

Conclusion

In conclusion, the hacker attack suffered by Metawin has highlighted the vulnerabilities in the crypto casino sector, leading to a significant loss of $4 million. However, CEO Richard Skelhorn assured that the platform is actively working to strengthen security and ensure a better experience for its users.

The company is learning from this experience and, through internal changes and new security checks, aims to rebuild the trust of its community, which I believe is crucial for its future success.