- Metawin Casino suffers $4M hack in SOL and ETH, marking another hit for DeFi in October.
- Hackers moved stolen assets to KuCoin and HitBTC, exposing vulnerabilities in DeFi.
- October records 20 major DeFi attacks, with losses nearly $88.47 million.
Metawin, a well-known crypto casino, faced a significant security breach today as hackers successfully exploited its system, resulting in the loss of more than $4 million in Ethereum (ETH) and Solana (SOL).
Blockchain analyst ZachXBT first flagged the incident on Telegram, tracking over 115 addresses connected to the attackers.
October has been an especially costly month for decentralized finance platforms, with 20 documented attacks leading to nearly $88.47 million in combined losses.
Metawin’s recent breach adds to this growing tally, bringing attention to ongoing weaknesses in the sector, where hackers continue to outpace security enhancements despite continuous efforts.
Among October’s numerous hacks, Radiant Capital experienced the largest single incident on October 17, when hackers exploited vulnerabilities in its smart contracts to steal $53 million. The hackers then bridged the stolen assets to Ethereum, effectively making the funds harder to trace.
Other significant breaches this month have further spotlighted the risks of operating in the DeFi space. On October 4, attackers looted $5.7 million from EigenLayer, a liquid staking network.
The stolen funds were quickly laundered through exchanges like HitBTC and Bybit. This incident highlighted the persistent challenges of securing staking and liquidity protocols, which have proven to be frequent targets.
The recent wave of attacks reflects a troubling trend within the cryptocurrency sector, with hackers targeting larger sums while employing increasingly sophisticated methods. As of November 2024, total losses from crypto hacks have exceeded $1.4 billion, spread across 179 incidents.
Each incident now carries a median loss of approximately $120,529, with some, like Radiant Capital, reaching multi-million-dollar figures.
Phishing and private key compromises remain common tactics, with phishing alone accounting for $343 million in losses across 65 incidents in Q3. Private key compromises caused approximately $317 million in losses from only ten incidents, revealing an urgent need for better key management practices.
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