Metawin Crypto Casino Hacked: $4M Stolen in SOL and ETH

Metawin Crypto Casino Hacked: $4M Stolen in SOL and ETH

October’s Biggest Hacks

Among the notable incidents this month:

• Radiant Capital: On October 17, attackers exploited weaknesses in Radiant’s smart contracts, stealing $53 million. By using cross-chain protocols, they bridged the stolen assets to Ethereum, complicating traceability and raising concerns about cross-chain vulnerabilities.
• U.S. Government Wallet: An unusual incident saw hackers compromise a wallet linked to the U.S. government, resulting in the theft of around $20 million. Interestingly, most of the funds were returned, leaving about $700,000 still missing.
• EigenLayer: This liquid staking network experienced a breach on October 4, with attackers looting $5.7 million, which was quickly laundered through exchanges like HitBTC and Bybit.
• Tapioca Foundation: Hackers targeted its token vesting contract using social engineering tactics, stealing $4.7 million.
• Sunray Finance: This platform lost $2.86 million as attackers manipulated token values on the Arbitrum chain, causing the SUN token to plummet.

A Billion-Dollar Problem

As of November 2024, total losses from crypto hacks have exceeded $1.4 billion across 179 incidents. Although this year has seen fewer attacks compared to previous years, the average loss per hack is on the rise. In Q3 alone, hackers stole approximately $750 million from 155 incidents, with each breach averaging a staggering $5.93 million in stolen assets.

Some troubling trends include:

• Phishing Attacks: Responsible for $343 million in losses across 65 incidents in Q3, phishing attacks trick users into giving away their keys or clicking malicious links.
• Private Key Compromises: Causing around $317 million in losses from just ten incidents, poor key management remains a significant issue in the crypto space.
• Code Vulnerabilities: Exploits that target flaws in smart contract code allow hackers to drain funds through multiple contract calls in a single transaction.

Each of these attacks, from Radiant Capital’s $53 million breach to Metawin’s $4 million heist, underscores the significant challenges in securing decentralized finance. Addressing these vulnerabilities requires platforms to enhance their defenses and prioritize security rather than treating it as an afterthought.