Crypto Casino Metawin recently fell victim to a major cyberattack, resulting in the loss of over $4 million from its Ethereum and Solana hot wallets. The attack, which occurred on November 3, targeted Metawin’s frictionless withdrawal system, allowing the hacker to swiftly drain $4 million in Ethereum (ETH) and Solana (SOL) from the company’s wallets. The stolen funds were later transferred to the KuCoin exchange and a nested service on HitBTC, with 115 wallets linked to the attack so far.
In response to the attack, Metawin CEO Richard “Skel” Skelhorn announced that withdrawals were temporarily paused to assess and secure the company’s systems. Withdrawals have since been re-enabled for 95% of users, with final checks being conducted for the remaining accounts. Skelhorn reassured users that wallet balances were being replenished and additional security controls were being implemented for new users to prevent future breaches. He also mentioned that authorities had been contacted and stated, “We’re not gonna dwell on it. It’s in the hands of the feds now…we will make some internal adjustments to keep the players happy but the bad actors at bay.” Skelhorn even used his personal fortune to help finance the wallet replenishment, demonstrating his commitment to the company’s security and growth.
This cyberattack is just one of many that have plagued the crypto industry in recent months. In October, Radiant Capital fell victim to a $55 million exploit, and a wallet believed to be controlled by the US government was drained of $20 million. These incidents contributed to a reported $88 million lost in crypto hacks in October alone. The trend continued into November when attackers stole over $13 million from the centralized exchange M2. Despite these security breaches, the crypto market remains strong, with increasing adoption in the gambling world. Crypto casinos are on the rise, and in the UK, crypto companies are replacing traditional gambling sponsors for Premier League soccer clubs.
As the industry grapples with these ongoing challenges, companies like Metawin are taking proactive measures to protect their users and maintain trust in the crypto ecosystem. By implementing enhanced security protocols and cooperating with authorities, these companies are working to prevent future cyberattacks and ensure the safety of their customers’ funds. The resilience and innovation of the crypto industry in the face of adversity highlight its potential for growth and continued success in the digital age.