On November 3, 2024, online casino MetaWin was hit by a major cyberattack, losing $4 million from its hot wallets.
Exploiting weaknesses in the platform’s quick-withdrawal system, the hacker transferred funds without authorization, routing stolen Ethereum (ETH) and Solana (SOL) through 115 addresses to exchanges like KuCoin and HitBTC. Blockchain expert ZackXBT traced the stolen assets, though the hacker remains unidentified.
In response, MetaWin halted all withdrawals and CEO Richard “Skel” Skelhorn replenished the funds, enabling 95% of users to access their assets again. Skelhorn personally contributed to the restitution, underscoring his commitment to user trust. MetaWin pledged to bolster security, collaborating with authorities to prevent future breaches.
The MetaWin hack underscores growing vulnerabilities in crypto. October alone saw $129 million lost to security flaws, reflecting the risks of hot wallets and the need for stronger safeguards in crypto platforms. As threats evolve, crypto businesses are expected to enhance security through hybrid wallet systems and increased regulatory compliance.
