Crypto hacks are becoming more common, and the latest victim is MetaWin, an online crypto casino. On 3rd October, a hacker accessed 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
MetaWin hack is among high-profile crypto breaches hitting the industry in the last quarter of 2024. The losses of cyber scams and hacks grew to $129 million in October alone, according to CertiK, a cybersecurity firm. They are so common that they show how blockchain systems are at risk.
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 platform’s mainnet.
A phishing attack that took about $36 million from users’ wallets in the Lottie Player animation library was not far from the first incident mentioned. In October, hackers bilked M2 out of $13 million when they stole the crypto exchange’s cold wallets.
Heightened Security Concerns in Crypto Platforms
Crypto is one of the biggest headaches in that space, and security is one. The most recent hacks have been caused by exploited loopholes in the system platform’s private key management and withdrawal protocols.
However, experts advise against having much on exchanges as they are hugely vulnerable to hacking. The solution in another direction is for users to find better ways to hold and store crypto self-custody. Multi-signature wallets have been designed, where several keys must be present before any transaction can be approved, allowing more security for crypto owners.
The Need For Cyber Secure Crypto Platforms
Thus, Crypto platforms must outsmart security threats by improving their defense mechanisms. Enhanced monitoring, periodic security audits, and encryption are guaranteed. They can also ensure that the standard regulations for basic security practices are followed.
While blockchain will be transparent, management must be coordinated. Without online security protocols, these platforms will continue to get breached and will no longer fund users.