Metawin Casino Exploited for $4 Million

Crypto casino Metawin has been compromised for over $4 million through a hot wallet hack on Nov. 3, as reported by PeckShield and ZachXBT.

The exact method of the hack has not been disclosed, but the team claims the attacker took advantage of the platform’s frictionless withdrawal system.

The platform functions as a crypto casino and digital competition arena, where users can participate in various games and raffles to try and win cash, crypto and NFTs.

According to Dune Analytics, volume on the platform has fallen significantly since its launch in 2022, as it has not transacted more than $10,000 in a single day since August. While the casino’s homepage shows multiple live “wins” per second, each transaction is for less than $1, indicating rampant bot activity.

Metawin’s founder, who goes by Skel on social media, took to Discord to address the Metawin community and said, “In short, today we faced a challenge, but we’re learning from it and will emerge stronger. Apologies for the temporary pause; everything will be back to normal within the hour.” The platform has re-enabled withdrawals and will implement “additional security controls for new users” as a precaution.