Metawin Casino Loses $4M in Crypto Hack from Hot Wallets

• Incident:
  On November 3, 2024, Metawin Casino, a crypto gaming platform, was hacked, resulting in the theft of $4 million worth of Ethereum and Solana tokens from its hot wallets—online cryptocurrency wallets connected to the internet and more vulnerable to attacks.

• Method:
  Hackers exploited the casino’s fast withdrawal system, draining funds within seconds. The stolen crypto was funneled through 115 wallets and tracked to exchanges KuCoin and HitBTC, making it harder to trace but still visible thanks to blockchain’s transparent ledger.

• Investigation & Tracking:
  Crypto investigator ZachXBT helped trace the flow of stolen funds, highlighting the ongoing risks posed by hot wallet vulnerabilities.

• Casino Response:
  Metawin temporarily suspended withdrawals but later restored access for 95% of users after increased security checks. CEO Richard Skelhorn personally covered the $4 million loss to ensure user balances were unaffected, stating he “emptied his piggy bank.”

• Future Plans:
  The casino is implementing stronger security controls for new users and collaborating with federal authorities, including the FBI, to address the breach. Skelhorn remains optimistic, emphasizing continuous improvement: “We keep building.”