A new one has been added to the recent security breaches in the cryptocurrency world. The online crypto casino platform called Metawin, operating on the Ethereum and Solana networks, suffered a loss of approximately $4 million in funds. The attack was carried out through a security vulnerability in the platform’s system, which is described as “seamless withdrawal”. This loss, confirmed by Metawin CEO Richard Skelhorn, caused great repercussions along with the reactions from users.
Metawin hacked: Ethereum and Solana wallets emptied
ZachXBT, a well-known independent researcher in the field of crypto security, discussed the attack in detail. According to research, attackers seized funds from approximately 115 different wallet addresses and quickly transferred them to other exchanges. It was stated that most of the stolen funds were directed to KuCoin and HitBTC platforms. It is thought that the attackers, who aimed to erase the trace by converting funds into cash through these two exchanges, carried out a well-planned operation.
According to ZachXBT, attackers targeted the hot wallet system used by Metawin. Hot wallets are known as a type of wallet that stores crypto assets on internet-connected servers for easy access. However, this system carries higher risks compared to cold wallets. ZachXBT pointed out the rapidly increasing number of such attacks and stated that security measures should be further tightened in the crypto industry.
Statement from the CEO
After the attack, Metawin quickly took steps to prevent its users from suffering. CEO Richard Skelhorn announced in his statement via the platform’s Discord that the lost funds were re-established by the company and users’ withdrawal transactions were reactivated. Skelhorn stated that this incident points to a serious security weakness and said that the security measures on the platform will be reviewed. He also stated that an application has been made to official authorities regarding the attack and that the incident is now “in the hands of federal authorities.”
Skelhorn said, “We have taken the necessary steps to cover the losses and started to strengthen our systems. Such events are a lesson to all of us in the crypto world. “The safety of our users remains our top priority,” he said. The CEO also hinted that he would personally cover some of the losses from his own budget in order to prevent such incidents.
Such attacks once again brought to the agenda the need to pay attention to security measures in the sector. As the popularity of decentralized finance (DeFi) and crypto assets increases in recent years, it is observed that cyber attacks against these assets also increase. ZachXBT stated that industry players need to build their crypto security solutions on more solid foundations, otherwise such attacks may be repeated.
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