Metawin got hacked, $4 million stolen

[EarnOnVictor]

Since the exchange where the asset was sent has been identified, it's a good thing and I hope those accounts can be locked and the funds be recovered. Those hackers are very skilled and only needs a slim opportunity to penetrate what so ever they want to hack, I know they also hacked Stake  casino some months ago and stole some huge amount of money too.

Did stake.com also recover their money as well?
Because I know if those funds are sent directly to exchange stake.com will recover it, but how come I didn't know about this news and could you share here a link to the update concerning about the hack? Maybe I can read wide to know more about the hack.

Here is the thread.
Stake.com Hot wallet robbed for 40Million + usd (Confirmed by stake)

I didn't follow up the news later on after then, so I can not tell if they did recover the money back or not but am sure if they did, it wouldn't be a hidden information.

That's the issue, if such money is stolen, it is hardly recovered back, or perhaps will take long years to be recovered. I remembered the Stake's stolen funds immediately after I saw the headline of Metawin and it was even $41m with Stake with a few extra bucks too but your post made me recount the recovery part, it might have not been recovered. This made me make some findings online and nothing stated the funds were recovered on any media outlets. The money might have gone for good, this is the hard part of letting loose your guard and it might be more difficult if an internal comprise is also part of the conspiracy.

[Adbitco]

Do not panic. Everything is back to normal.

MetaWin CEO Skel said the gambling site was hacked. $4 million stolen. Onchain sleuth ZackXBT revealed that the attacker moved the stolen funds to Kucoin and a HitBTC nested service. He also identified more than 115 addresses associated with the malicious actor.

If actually all the stolen were sent to kucoin and Hitbtc then there is every possibility to restore them back with the hope that they can also write to these two exchange to halt lock their account freezed the funds inside, so that they can't make any further withdrawal after trying to exchange those stolen coin into another coin and withdrawal them out.

If the scammers actually sent the funds to centralized exchanges like Kucoin and others then I think recovering the funds would be very easier compared to when the funds is sent to decentralized wallets where the funds can be very difficult to track. Sending stollen funds to exchanges like Kucoin is more easier to track than the ones sent to non custodial wallet and I believe the team would have written to the exchanges involved so they can track how every penny is being moved and where it is send to later. Casino hacks has been in existence for a long time and every casino team needs to work on their security to prevent something like this from happening.

Yes you are right, like we know hackers never takes their hands off from casinos or gambling site, even exchanges are likewise facing these issues but the main thing should be on applying on more sophisticated security line, were it would be too hard for them to penetrate with these sites. Apparently, we know that even those hackers are also exploring more strategies to break through them and of course most of the hacking news we often hear are from insiders so it is not a new thing to hear that trusted site like this are being hacked.

[Sanitough]

That's how business should be done. Metawin invested a lot in promotions to attract gamblers,

Instead of spending too much on promotions, they should have worked on the security of the site.

If they could do both, why only choose one?

I know they learned a lesson now, but what if the gamblers playing there lose their balances in this hack? If this hack and breach is done once, then there might be possibilities that this might happen once again. A hard-working man will think twice about depositing his hard-earned money in such a type of casino. I know Metawin is a big platform, and they handle these types of situations very professionally. But I am just keeping a common man’s point of view here.

I'm sure they're confident in their security, but no casino is hack-proof. Even Stake, one of the biggest, got hacked before. This shows that every casino is vulnerable. As gamblers, we should understand that getting hacked is part of the risk, and we might lose money because of it. But think about how much the casino loses when it happens.

[Yaunfitda]

That's how business should be done. Metawin invested a lot in promotions to attract gamblers,

Instead of spending too much on promotions, they should have worked on the security of the site.

If they could do both, why only choose one?

It's obvious though, casino either land base on online are heavily invested on their security. Bu the thing with online though, is that there are a lot of threats as they could be under attack from state sponsored hackers, or from some random guy who's still living in his parents basement hacking this sites.

I know they learned a lesson now, but what if the gamblers playing there lose their balances in this hack? If this hack and breach is done once, then there might be possibilities that this might happen once again. A hard-working man will think twice about depositing his hard-earned money in such a type of casino. I know Metawin is a big platform, and they handle these types of situations very professionally. But I am just keeping a common man’s point of view here.

I'm sure they're confident in their security, but no casino is hack-proof. Even Stake, one of the biggest, got hacked before. This shows that every casino is vulnerable. As gamblers, we should understand that getting hacked is part of the risk, and we might lose money because of it. But think about how much the casino loses when it happens.

If that is the case then Metawin should covered base on their investigations, the money that the supposedly their customer loss from the hacks. But in this case, it's different, it's their wallet that was drain and not the casino itself that's why no customers are affected if I'm not mistaken. And with that, as gamblers, we should really be very careful of our accounts as well in gambling sites as we are also the target by this cyber criminals.

[Wonder Work]

That's how business should be done. Metawin invested a lot in promotions to attract gamblers,

Instead of spending too much on promotions, they should have worked on the security of the site.

If they could do both, why only choose one?

I don't know how they said it but I think they should have chosen both. Security on the site First of all, if the security of the site is not there, then how will they control it, so they must ensure the high security system of the site.
Second, they must continue to borrow the amount they have invested in advertising. Because if they only looked after the security system and did nothing to promote the site then the site would not be so popular. Should have come forward with site security and promotion but maybe they did something wrong anyway hope they can recover very soon.

I know they learned a lesson now, but what if the gamblers playing there lose their balances in this hack? If this hack and breach is done once, then there might be possibilities that this might happen once again. A hard-working man will think twice about depositing his hard-earned money in such a type of casino. I know Metawin is a big platform, and they handle these types of situations very professionally. But I am just keeping a common man’s point of view here.

I'm sure they're confident in their security, but no casino is hack-proof. Even Stake, one of the biggest, got hacked before. This shows that every casino is vulnerable. As gamblers, we should understand that getting hacked is part of the risk, and we might lose money because of it. But think about how much the casino loses when it happens.

Yes, you are right. We are always at risk with it. But casino sites are more risky than we are. In fact, it is not understood how hackers can hack system wise, there are so many high security sites, yet hackers target them and grab a lot of money. Actually it seems to me that professional level hackers do not understand any security system in any way they are able to hack. For this it is necessary to ensure good quality security behind a casino side.

[Sanitough]

[''''

If that is the case then Metawin should covered base on their investigations, the money that the supposedly their customer loss from the hacks. But in this case, it's different, it's their wallet that was drain and not the casino itself that's why no customers are affected if I'm not mistaken. And with that, as gamblers, we should really be very careful of our accounts as well in gambling sites as we are also the target by this cyber criminals.

How could the hacker even get to the customers' balances when that wasn’t the target? Of course, these hackers are gonna prioritize the bigger money, and that’s the $4 million they managed to hack from Metawin’s hot wallet.

I don't know how they said it but I think they should have chosen both. Security on the site First of all, if the security of the site is not there, then how will they control it, so they must ensure the high security system of the site.
Second, they must continue to borrow the amount they have invested in advertising. Because if they only looked after the security system and did nothing to promote the site then the site would not be so popular. Should have come forward with site security and promotion but maybe they did something wrong anyway hope they can recover very soon.

They haven’t said anything like that - it was just our assumption that they were both handling their marketing and security well. But then this hack happened, and there's nothing we can do about it now. At least they managed the risk well enough that the damage wasn't too big or threatening enough to shut down their operations.

[Dr.Bitcoin_Strange]

Yes news like this you are supposed to follow up to know how they are gradually recovering their users funds or could it be that there funds aren't affected?

If you had read the thread on the link I sent, you will realize that players funds was not affected but rather the money was moved from their wallet address. If players funds was affected, then you must have seen many complain here back then.

[Kavelj22]

Thanks for the update OP. I have just noticed it now. Good to hear that everything is fine back to normal. They do well managing the risk so that the damage wasn't that big to threaten users assets.
However if the incident confirm how much MetaWin has such a financial stability, it reveals how it still has loopholes in their security system.

It's not common to hear about casinos being hacked, so surely this incident may dramatically has impact on the reputation of MetaWin, and its customers may start looking for alternatives. I really hope that this wouldn't happen because a big withdrawal wave may cause the whole casino service shutdown. Even this is a weak possibility as time goes by since four days, but it's always a possible scenario. 

[Jating]

Do not panic. Everything is back to normal.

MetaWin CEO Skel said the gambling site was hacked. $4 million stolen. Onchain sleuth ZackXBT revealed that the attacker moved the stolen funds to Kucoin and a HitBTC nested service. He also identified more than 115 addresses associated with the malicious actor.

If actually all the stolen were sent to kucoin and Hitbtc then there is every possibility to restore them back with the hope that they can also write to these two exchange to halt lock their account freezed the funds inside, so that they can't make any further withdrawal after trying to exchange those stolen coin into another coin and withdrawal them out.

If the scammers actually sent the funds to centralized exchanges like Kucoin and others then I think recovering the funds would be very easier compared to when the funds is sent to decentralized wallets where the funds can be very difficult to track. Sending stollen funds to exchanges like Kucoin is more easier to track than the ones sent to non custodial wallet and I believe the team would have written to the exchanges involved so they can track how every penny is being moved and where it is send to later. Casino hacks has been in existence for a long time and every casino team needs to work on their security to prevent something like this from happening.

Yes you are right, like we know hackers never takes their hands off from casinos or gambling site, even exchanges are likewise facing these issues but the main thing should be on applying on more sophisticated security line, were it would be too hard for them to penetrate with these sites. Apparently, we know that even those hackers are also exploring more strategies to break through them and of course most of the hacking news we often hear are from insiders so it is not a new thing to hear that trusted site like this are being hacked.

It's not as easy as it sounds though, you can only react from this kind of attacks. Although for sure they have some kind of penetration testing before, but still hackers now are so good that they will find a loophole in your system without you finding it out in advance. And 99% of the time, casinos or any services for that matter are late in reacting to the hacks and they have lost a good amount before they identified it like in this case.

So now, what Metawin can do is to chance their protocols or what has been agreed upon during the withdrawals, maybe now it might take some time for them to review it first specially big withdraws. Hopefully though, Metawin users or customers will have to understand it as it might not be as instant withdrawal as it used to be.

[Odusko]

The fact that they are faceless makes it absolutely impossible to catch them, and also kind of impossible to recover stolen funds from them - they are very professional (if I should use that word).

Such an amount stolen in coins can't be recovered just easily as you guys thinks, even the one that was sent to centralised excahges, may have hard time being recovered because some of the policies of those centralised excahges cover's the protection of users right as regards to deposites, so not just that easy, there must be legal procedures and court orders for such accounts to be frozen.

So metawin have alot of hard work to do, in trying to recover theo stolen $4million, because majority's of that transactions where sent to personal Wallets which could be very hard to track.

[stompix]

If that is the case then Metawin should covered base on their investigations, the money that the supposedly their customer loss from the hacks. But in this case, it's different, it's their wallet that was drain and not the casino itself that's why no customers are affected if I'm not mistaken.

The casino lost money, it's the same thing, if they lost 2 million or 10 million from their own funds or from customer funds it's the same from an accounting point of view because even if their customer funds are intact if they have no money for their operation they would have to close. If their customer's money were gone they could reimburse that from their own funds but were left with no money again
In short, it's a matter of left or right pocket, it doesn't matter from which the money was taken, it matters how much was stolen to what they have!

[Fivestar4everMVP]

The fact that they are faceless makes it absolutely impossible to catch them, and also kind of impossible to recover stolen funds from them - they are very professional (if I should use that word).

Such an amount stolen in coins can't be recovered just easily as you guys thinks, even the one that was sent to centralised excahges, may have hard time being recovered because some of the policies of those centralised excahges cover's the protection of users right as regards to deposites, so not just that easy, there must be legal procedures and court orders for such accounts to be frozen.

So metawin have alot of hard work to do, in trying to recover theo stolen $4million, because majority's of that transactions where sent to personal Wallets which could be very hard to track.

You are right, an exchange plaform can not just freeze the funds on an account if they are yet to either get a full verification of where the fund came from, and even at this, one will still have to obtain a court order to effect the freeze.
I remember vividly one time that I mistakenly transfered money to the wrong bank account using my local bank account banking app here in my country, I went to the bank to complain about the errorneuos transfer and to see how the fund can be reversed back to my account, the bank said that they can not reverse the payment since they not allowed to take money out of someones account without their consent, they told me they would freeze the funds, and then ask the consent of the account owner before they can reverse the money back to my account, they also told me that before they can freeze the fund, I have to get a court order first, the process was very long and by the end of the day, I was not able to recover that money back even after obtaining the court order and the claiming they had freezed the fund.

I believe this is how online exchanges operate too, if Metawin will be willing to want to try to recover their lost money back, they will have to start by involving the court, and then working closely with the exchange where the hacker deposited the funds, this is if the hacker have not withdrawn the money and then abandoned the exchange platform.

[avp2306]

The fact that they are faceless makes it absolutely impossible to catch them, and also kind of impossible to recover stolen funds from them - they are very professional (if I should use that word).

Such an amount stolen in coins can't be recovered just easily as you guys thinks, even the one that was sent to centralised excahges, may have hard time being recovered because some of the policies of those centralised excahges cover's the protection of users right as regards to deposites, so not just that easy, there must be legal procedures and court orders for such accounts to be frozen.

So metawin have alot of hard work to do, in trying to recover theo stolen $4million, because majority's of that transactions where sent to personal Wallets which could be very hard to track.

They need to cooperate first to the authorities before that govern entities will order that exchange to freeze the deposited amount or the assets have those account owned by the hacker reported. That's why it needs swift action before the hacker totally pull out the amount they stole from Metawin.

But base on things happen and what we can see on them they don't much affected of the hacking incident happen and they continue to do their thing with no costumer complains happen. Yet we can see that Metawin have deep pocket and can cover up those losses. This issue bring lots of exposure them then also people got more confidence because people know that this casino is not the same to other small time one that once they experience hacking then their whole operation collapsed.

[o48o]

Such an amount stolen in coins can't be recovered just easily as you guys thinks, even the one that was sent to centralised excahges, may have hard time being recovered because some of the policies of those centralised excahges cover's the protection of users right as regards to deposites, so not just that easy, there must be legal procedures and court orders for such accounts to be frozen.

So metawin have alot of hard work to do, in trying to recover theo stolen $4million, because majority's of that transactions where sent to personal Wallets which could be very hard to track.

Correct me if i am wrong, but crypto casinos usually have pretty good revenue, and $4 millions shouldn't be hard for bigger ones like metawin, and they are even getting it back.

Here's their latest volume according to dappradar:


I mean metawin is giving away >$700,000 weekly with their race prizes! Why would anyone think that they wouldn't have buffer money for emergencies? Stake was just hacked for $41 million last year and they didn't even get it back. But it didn't even make a scratch to them, because their revenue is so huge. This isn't 2015, when something like this would have been the end. These days sites are able to absorb way more financial losses.

[Russlenat]

Correct me if i am wrong, but crypto casinos usually have pretty good revenue, and $4 millions shouldn't be hard for bigger ones like metawin, and they are even getting it back.

Here's their latest volume according to dappradar:


I mean metawin is giving away >$700,000 weekly with their race prizes! Why would anyone think that they wouldn't have buffer money for emergencies? Stake was just hacked for $41 million last year and they didn't even get it back. But it didn't even make a scratch to them, because their revenue is so huge. This isn't 2015, when something like this would have been the end. These days sites are able to absorb way more financial losses.

With the data you've shown, it's clear that Metawin wasn't heavily affected by the hack. With such a huge daily visitor count, they can easily convert that traffic into money. Honestly, $4 million could just be a week’s profit for them, so the loss is just a small hit. You’re right, Stake lost $41 million but kept going strong. When a casino gets hacked, it's really a test of how prepared they are in terms of liquidity. It shows whether they’re truly resilient.

[Haunebu]

I mean metawin is giving away >$700,000 weekly with their race prizes! Why would anyone think that they wouldn't have buffer money for emergencies? Stake was just hacked for $41 million last year and they didn't even get it back. But it didn't even make a scratch to them, because their revenue is so huge. This isn't 2015, when something like this would have been the end. These days sites are able to absorb way more financial losses.

This is definitely a dent for a big site like Metawin, but it's a dent nevertheless. You are seriously underestimating how much of an impact these dents make. They will make several important changes to make sure that there are no more similar dents in the future.

Those changes are usually layoffs, security protocol changes etc which are done in the background basically.

[Hatchy]

With the data you've shown, it's clear that Metawin wasn't heavily affected by the hack. With such a huge daily visitor count, they can easily convert that traffic into money. Honestly, $4 million could just be a week’s profit for them, so the loss is just a small hit. You’re right, Stake lost $41 million but kept going strong. When a casino gets hacked, it's really a test of how prepared they are in terms of liquidity. It shows whether they’re truly resilient.

It's a casino, so I don't think it might affect them that much. They will definitely recover from the loss. Beside like you said, compared to the money that casino like stake had lost in the past, the $4million might just be a short term profits them make on a weekly basis.. from many reports I've seen on this thread, it shows that metawin has enough traffic to generate more than enough to cover up their loss.. though this will also help them improve on their security system..loss is part of the game we should remember that.. and we all learn from our losses..

[satscraper]

With the data you've shown, it's clear that Metawin wasn't heavily affected by the hack.

However this a sign that that they system was vulnerable and no one knew the reason why. It might be due to flaws  in their information system security or some human related factors which has allowed to breach their hot wallets. BTW, the potential of any wallet breach is factor  which prevent me from keeping large sum on casino's account, thus I used to use the withdrawal om my wins ^{if any} as soon as possible.

[Potato Chips]

Correct me if i am wrong, but crypto casinos usually have pretty good revenue, and $4 millions shouldn't be hard for bigger ones like metawin, and they are even getting it back.

Here's their latest volume according to dappradar:

Thanks for this. I forgot about dappradar tbh lol. Though, it appears it only displays the ETH chain and metawin supports many coins so it's likely more than this, too. I personally prefer cheaper alts like LTC, SOL, MATIC if I can help it.

I mean metawin is giving away >$700,000 weekly with their race prizes!

Also watch out for the end of the year event. Metawin is set to giveaway 6-7 digits in USD. $500K is starting point. Official announcement is very sooon.

[avp2306]

With the data you've shown, it's clear that Metawin wasn't heavily affected by the hack.

However this a sign that that they system was vulnerable and no one knew the reason why. It might be due to flaws  in their information system security or some human related factors which has allowed to breach their hot wallets. BTW, the potential of any wallet breach is factor  which prevent me from keeping large sum on casino's account, thus I used to use the withdrawal om my wins ^{if any} as soon as possible.

I guess no one just expect that to happen and that is lesson learn for people who manage their casino that they should tighten up more their security and check on which area the hackers would attack them so that they can avoid any other hacking issues that might happen again in future. But we see how Metawin do some action and eliminate those fear immediately that's why instead of people losing their trust in this casino they gained good confidence since they see how the team manage well the unfortunate situation happen to them.

We should keep away huge balance to any casino account and deposit only the amount we can afford to lose or afford to spend.