Crypto hacks are becoming more common, and the latest victim on the list is MetaWin, an online crypto casino. On 3rd October, a hacker managed to access MetaWin’s withdrawal system and acquired $4 million worth of digital assets. The attacker transferred the funds to the KuCoin exchange and a nested service on HitBTC.
Blockchain investigator ZachXBT eventually pointed out more than 115 wallet addresses linked to the hacker. However, the attacker remains unidentified. Further to the incident, MetaWin CEO Richard Skelhorn asserted that the affected balances were replenished, and withdrawals were also resumed for most accounts.
Crypto Hacks Skyrocket in Last Quarter of 2024
The MetaWin hack is the latest amongst a string of high-profile crypto breaches to hit the industry in the last quarter of 2024. According to CertiK, a cybersecurity firm, losses from cyber scams and hacks reached over $129 million in October alone. These incidents have become so frequent that they showcase vulnerabilities within blockchain systems.
For instance, in mid-October, a popular lending platform, Radiant Capital, lost about $58 million to hackers. According to reports, hackers used weak private keys to access the mainnet of the Radiant Capital platform.
Another incident involving the Lottie Player animation library saw a phishing attack that resulted in the loss of about $36 million from user wallets. Crypto exchange M2 fell victim in October when hackers stole $13 million from its hot wallets.
Heightened Security Concerns in Crypto Platforms
Security is one of the major headaches in crypto amid the surge in complex hacking methods. Most of the recent hacks have resulted from exploited loopholes in system platforms on private key management and withdrawal protocols.
However, experts advise users to avoid having large quantities on exchanges since they are highly prone to hacking. Users should seek better means of managing and storing the crypto, such as self-custody wallets. Crypto owners can also use multi-signature wallets that have been designed so that more security is possible, as several keys are used before authorizing any transaction.
The Need For Cyber Secure Crypto Platforms
Crypto platforms have to outsmart security threats by improving their defense mechanism. They can ensure enhanced monitoring, periodic security audits, and encryption. These platforms can also ensure that standard regulations are set to enforce basic security practices.
While blockchain technology promises transparency, securing management requires coordination. Without solid security protocols, these platforms will be breached and continue to jeopardize users’ funds.
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