MetaWin Casino Hit by $4M Hack

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Altcoinbuzz2024/11/05 11:33

By:By Victor -Ezekiel Ng -

Online casino MetaWin recently found itself in hot water after hackers drained about $4 million from its funds.

The cyberattack hit on Nov. 3, exploiting MetaWin’s “frictionless” withdrawal system.

Hackers broke into MetaWin’s “hot wallets”—the digital vaults for daily transactions—through the withdrawal system.

MetaWin Casino Faces Major Security Breach

This forced the platform to freeze withdrawals to stop the bleeding. However, MetaWin’s CEO, Skel, reported that most customers are now back in action. With withdrawals restored for 95% of users.

Cybersecurity investigator ZackXBT, a well-known online “detective,” tracked the hacker’s moves. He discovered that after the attack, the thief transferred the stolen funds to exchanges KuCoin and HitBTC. This is using over 115 addresses to cover their tracks. While the hacker’s identity and motives are still a mystery. Experts are keeping a close watch on these funds, hoping to bring the culprit to light.

$4m hack for a centralized casino!

metawin is not a true onchain casino. it just uses crypto as a payment method

it still operates like a bank:

– takes custody of your assets
– gives you in-game credit
– grants permission for withdrawals

to prevent such hacks, gamblers must… https://t.co/dNLrbgjYSH pic.twitter.com/FrX3exz8zN

— madame/acc (@madame1829) November 3, 2024

In October alone, online scams and crypto thefts like this one led to a whopping $129 million in losses. According to cybersecurity firm CertiK , bad actors are finding new ways to target digital platforms, putting customers’ funds at risk. MetaWin, however, says it’s “topped off” its funds to ensure the business is back to normal.

More About Crypto Hacks

Immunefi , a leading bug bounty platform, has reported alarming news for the crypto community: losses from hacks and scams have exceeded $1.34 billion so far in 2024. This staggering figure highlights the growing threat to digital assets and underscores the need for enhanced security measures within the industry.

🚨 LATEST: Crypto losses to hacks and scams have surpassed $1.34 billion year-to-date in 2024 – Immunefi pic.twitter.com/0fI0MzV2OB

— SolanaFloor (@SolanaFloor) October 31, 2024

As cybercriminals become more sophisticated, many platforms and investors are feeling the pinch, with the financial impact of these attacks taking a significant toll. With such substantial losses already recorded this year, it’s clear that the crypto space must step up its game to protect users and their investments from malicious activities.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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