As an analyst with over two decades of experience in the financial sector, I have witnessed the evolution of digital assets from a niche interest to a global phenomenon. However, the recent spate of high-profile hacks targeting crypto platforms like Metawin is concerning. My life experiences have taught me that security should always be a top priority, especially in an industry as volatile and rapidly growing as cryptocurrency.
It appears that the most recent cryptocurrency platform under attack by cybercriminals is Metawin. As per current reports, these malicious actors managed to infiltrate the withdrawal mechanism of the crypto platform, making off with over $4 million in digital assets.
The CEO of Metawin has verified that a security issue occurred, leading them to halt all payment transactions at their casino right away.
One crypto user reported that the hacker has moved funds to the HitBTC nested service and KuCoin. The user also found out that there are approximately 115 crypto addresses connected with the hacking incident.
After the casino’s recent announcement regarding the hacking incident, online withdrawals have been reactivated for most of their users who typically use this service (approximately 95%).
A Series Of Costly Crypto Hacks This October
The event was shared on Telegram by crypto investigator ZachXBT, stating, “It seems that the cryptocurrency gaming platform Metawin suffered an exploitation for over $4 million in Ether and Solana today.
MetaWin Casino Loses $4M in Hack as Crypto Scams Surge
According to the CEO Skel, approximately $4 million was stolen from Metawincom’s online casino on November 3rd, due to a security breach that exploited a vulnerability in their withdrawal system and targeted the hot wallets.
Withdrawals were halted but have since been restored…
— VERITAS PROTOCOL (@veritas_web3) November 3, 2024
Metawin’s hacking activities are the most recent high-profile cyber attacks and digital heists aimed at the Decentralized Finance (DeFi) sector. October has proven to be a particularly expensive month for cryptocurrency security lapses. The month witnessed around 20 hacks, leading to losses of approximately $88 million for crypto companies. These hacking incidents highlight the existing vulnerabilities in cryptocurrency sites, especially those within the DeFi industry.
Based on industry tracking, Radiant Capital was the worst-hit crypto firm this October.
On October 17th last year, hackers found vulnerabilities in the platform’s smart contracts and managed to pilfer approximately $53 million.
The hackers used cross-chain protocols to transfer the digital assets to Ethereum, making it difficult to trace the assets. Then, we have a US government wallet compromised for $20 million. Interestingly, the “hacker” returned most of the funds, but $700k is still missing.
In an intriguing turn of events, both EigenLayer and The Tapioca Foundation were recently the targets of a hacking incident. Specifically, on October 4th, EigenLayer suffered a theft that amounted to a loss of approximately $5.7 million, while The Tapioca Foundation experienced a similar financial setback, losing around $4.7 million.
Losses Pile Up As More Crypto Sites Suffer Hacks
A great number of people are worried about hacking and security issues in Decentralized Finance (DeFi). So far this year, hacker activity has led to approximately $1.7 billion in losses. This is due to 179 separate incidents. Although there have been a few breaches this year, the magnitude of these events greatly surpasses what we saw last year. Essentially, the risks and stakes for blockchain developers are escalating as the costs continue to rise.
As a researcher, I’ve discovered that cyberattacks during the last quarter are estimated to have set back companies approximately $750 million. On average, each of these incidents resulted in a loss of around $5.93 million in digital assets. This staggering figure highlights an escalating issue within the cryptocurrency sector, one that requires immediate attention from industry stakeholders.
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2024-11-04 18:57