Crypto Casino Metawin Loses $4 Million in Ethereum

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Table of Content

In today edition we talk about

• Crypto Casino Metawin Loses $4 Million in Ethereum, Solana Wallet Exploit

• November to See $2.6 Billion in Crypto Token Unlocks Across Major Projects

• Binance Co-Founder Dispels FUD Around Listing Policies Amid Centralized Exchange Criticisms

• Peanut the Squirrel Sparks Solana Memecoin Boom After Viral Story

Crypto Casino Metawin Loses $4 Million in Ethereum, Solana Wallet Exploit

Metawin, a crypto casino platform, suffered a $4 million loss after hackers exploited its hot wallets on Ethereum and Solana, targeting the platform's withdrawal system. According to CEO Richard "Skel" Skelhorn, Metawin quickly restored access, replenished the stolen funds, and notified law enforcement.

Blockchain analyst ZachXBT reported that over $4 million was stolen through 115 linked addresses, suggesting the hacker's technical sophistication. The funds were tracked to exchanges Kucoin and HitBTC. Following the breach, withdrawals were temporarily paused but have since resumed.

Skelhorn assured users that the platform is making internal adjustments to enhance security, stating, “It’s in the hands of the feds now. We’re focused on improving and protecting our players.” He added that he personally covered the losses, emphasizing the platform’s commitment to continued growth.

November to See $2.6 Billion in Crypto Token Unlocks Across Major Projects

In November, $2.68 billion in crypto tokens will be unlocked as blockchain projects like Memecoin, Aptos, Arbitrum, Avalanche, and Optimism reach the end of their vesting periods. This release includes $900 million in tokens to be unlocked in a single release, or “cliff” unlock, with $1.7 billion to be released gradually.

The largest unlocks come from Memecoin, which will release 3.45 billion tokens worth about $37.8 million, followed by a linear daily release of over 10 million tokens. Memecoin’s price is currently $0.010, down 81% from its 2024 peak. Aptos will unlock 11.31 million tokens valued at $93 million, while Avalanche and Optimism will unlock tokens worth $39 million and $44 million, respectively.

Arbitrum will release 92.65 million tokens worth $45 million to investors and team members. The token price has seen a significant decline since a previous unlock in March, currently trading at $0.48, down 79% from its January peak.

Token vesting helps prevent early token holders from offloading assets too quickly, which could create downward pressure on prices.

Binance Co-Founder Dispels FUD Around Listing Policies Amid Centralized Exchange Criticisms

Binance co-founder Yi He clarified the exchange’s listing policies following accusations by the CEO of Moonrock Capital that Binance requires 15% of a project’s token supply to secure a listing. Yi He denied these claims, stating that Binance neither charges a set percentage nor a fixed fee for listings. Since 2018, all listing fees, proposed as “donations” by project teams, are transparently allocated to charity without minimum requirements.

The controversy sparked broader criticism of centralized exchanges’ listing fees, with figures like Sonic co-founder Andre Cronje questioning similar policies on platforms like Coinbase.

Amid these debates, centralized exchanges have seen reduced trading volumes. Binance’s September 2024 spot trading dropped by 23%, with OKX, Coinbase, Kraken, and others experiencing similar declines. Factors include geopolitical tensions, investor caution around the U.S. elections, and a shift toward decentralized exchanges.

Binance’s recent listing of Ethereum Layer-2 project Scroll also faced backlash, with some in the community arguing that such listings challenge the ethos of decentralization. The broader debate reflects ongoing tensions between centralized and decentralized models in crypto trading.

Peanut the Squirrel Sparks Solana Memecoin Boom After Viral Story

After the controversial euthanization of Peanut the Squirrel, memecoins themed after the beloved animal surged on Solana’s DeFi markets, with some reaching market caps above $100 million. Peanut’s owner, Mark Longo, revealed that New York's Department of Environmental Conservation recently seized and euthanized Peanut and a raccoon named Fred due to complaints about unsafe housing, sparking public outrage. Billionaire Elon Musk condemned the incident as “mindless” and “heartless.”

The event inspired a frenzy of Peanut-themed memecoins on Solana, with several tokens gaining high trading volumes. “Peanut the Squirrel” (PNUT) memecoin quickly rose, peaking at a $120 million market cap before settling near $100 million with close to 200,000 transactions. Another Peanut-inspired coin on the BNB Smart Chain reached an $80 million market cap.

Additionally, a Fred-themed memecoin, “First Convicted Raccoon” (FRED), launched on Solana, recording $83 million in trading volume. Although not as popular as PNUT, the FRED token gained traction with almost 150,000 transactions and an $8.2 million market cap. The viral story highlights how pop culture moments are fueling rapid memecoin trends in the crypto world.

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