Hackers effectively attacked the withdrawal system of the online casino platform MetaWin on November 3, leading to a significant security breach and a $4 million loss. Skel, the CEO of MetaWin, claims that the attack focused on the platform’s hot wallets by taking advantage of its smooth withdrawal function. MetaWin briefly halted withdrawals after the hack to stop additional losses; however, almost 95% of its users are now able to access their money again.
Blockchain investigator ZackXBT reported that the stolen money moved to accounts on the KuCoin exchange and a nested service on HitBTC. Although the hacker’s identity and objectives are still unclear, the investigator connected more than 115 blockchain addresses to them. To lessen the impact on its users, MetaWin has restored the affected funds.
Numerous hacks, including this one, have hit the digital asset industry in recent years. Numerous cyberattacks resulted in the loss of over $129 million in October alone. Another well-known hack involved Radiant Capital, which lost $58 million when hackers obtained several private keys without authorization. Furthermore, a clever phishing attempt that targeted a popular animation library compromised a number of decentralized applications, resulting in users losing money by unintentionally linking their wallets to a malicious URL.
A hot wallet vulnerability identical to the one exploited at MetaWin cost the M2 exchange $13 million in another well-publicized incident. These events highlight the ongoing security threats connected wallets in the bitcoin ecosystem face.
The recent increase in digital asset breaches is prompting calls for more robust security measures in the cryptocurrency and online gambling sectors. Experts stress that in order to safeguard user assets against ever-more-sophisticated threats, businesses that depend on internet-connected wallets need to implement cutting-edge cybersecurity procedures.
