UAE’s M2 Crypto Exchange Loses $13.7M in Hack, Metawin Loses $4M

Nov 3, 2024, 01:01 PM

UAE’s M2 Crypto Exchange suffered a significant security breach on October 31, 2024, with $13.7 million stolen from its hot wallets. The stolen assets included Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Blockchain investigators at Cyvers traced most of the stolen funds, identifying $10 million in ETH in a single wallet. This incident highlights a broader trend of increasing crypto exchange hacks, which have surged nearly 1,000% year-over-year. In October 2024 alone, the crypto sector faced $147 million in losses across 28 attacks, including the Radiant Capital hack and phishing attacks. Additionally, the crypto casino Metawin experienced a $4 million hack targeting its Ethereum and Solana hot wallets. The attacker exploited Metawin’s “frictionless withdrawal system,” as confirmed by CEO Richard Skelhorn.