Originally published on: November 03, 2024
An enormous exploit rocked the online casino platform MetaWin, resulting in a staggering $4 million loss on November 3. Despite the significant hit, MetaWin’s CEO, Skel, reassured users that the funds have been replenished post-attack.
Reports indicate that the attacker infiltrated MetaWin’s hot wallets through the platform’s frictionless withdrawal system, prompting a temporary suspension of withdrawals. However, Skel mentioned that withdrawals have been reinstated for 95% of the platform’s users as of the latest update.
Renowned blockchain sleuth ZackXBT unearthed that the stolen funds were swiftly transferred to Kucoin and a HitBTC nested service by the attacker. ZackXBT also pinpointed over 115 addresses linked to the malicious actor.
The true identity and motives of the hacker behind the breach remain shrouded in mystery. Despite multiple attempts to reach out to MetaWin for comments, no response was received at the time of publication.
In a parallel universe of cybersecurity attacks within the crypto realm, the MetaWin incident is just the tip of the iceberg. Radiant Capital suffered a devastating $58 million exploit on October 16 after a malicious entity gained access to vital private keys required to authorize transactions from the platform’s multi-signature wallet.
Disturbingly, decentralized applications became a victim of a sophisticated phishing assault on October 30. Perpetrators exploited the Lottie Player animation library to surreptitiously embed malicious phishing links on websites used by the likes of 1inch and TEN Finance, ultimately draining unsuspecting users’ wallets using the notorious “Ace Drainer” phishing software.
The recent $13 million hack of the M2 exchange underscores the vulnerability of hot wallets, reminiscent of MetaWin’s breach. Hot wallets, which are internet-connected and susceptible to remote intrusions, were the prime targets for the malefactors behind the M2 exchange heist.
Cybersecurity breaches in the crypto landscape continue to assail unsuspecting platforms, emphasizing the critical need for robust security measures and heightened vigilance in the digital realm.
Stay informed about the latest developments in DeFi and cryptocurrency by subscribing to the Finance Redefined newsletter. Receive weekly insights, in-depth analysis, and exclusive financial opportunities to empower your decision-making with confidence. Subscribe now and join the journey towards financial enlightenment.
