Daily Crypto Roundup: MetaWin Hack, Major Token Unlocks, and Industry Developments
Arslan Butt•Monday, November 4, 2024•2 min read
November has kicked off with a major security breach in the crypto market, substantial token unlocks on the horizon, and notable industry expansions.
MetaWin Casino Falls Victim to $4M Hack
Online casino platform MetaWin suffered a significant security breach on November 3, 2024, resulting in a $4 million loss. The attack, which targeted the platform’s frictionless withdrawal system, compromised MetaWin’s hot wallets. CEO Skel confirmed that the company has since “topped off” the affected wallets to cover the stolen funds, and withdrawal services have been restored for 95% of users.
Renowned blockchain investigator ZackXBT has identified over 115 addresses linked to the perpetrator, who reportedly moved the stolen funds to KuCoin and a HitBTC nested service. The incident adds to October’s concerning cybersecurity statistics, where industry losses from scams and exploits exceeded $129 million.
$2.68 Billion in Token Unlocks Set for November
The crypto market braces for a significant liquidity event as $2.68 billion worth of tokens are scheduled for unlock this month, according to vesting data tracker Tokenomist. The unlocks will occur through both cliff-based ($900 million) and linear ($1.7 billion) vesting schedules.
Notable projects affected include Memecoin (MEME), which will release 3.45 billion tokens worth approximately $37.8 million, and Arbitrum’s planned release of 92.65 million tokens valued at $45 million. The MEME token currently trades at $0.010, down 81% from its 2024 peak.
Mining Giant Riot Posts Strong Revenue Growth
Riot Platforms demonstrated robust growth in Q3 2024, reporting revenue of $84.8 million—a 65% increase year-over-year. The mining firm’s impressive performance stems from a 159% surge in deployed hash rate, reaching 28 EH/s. Despite producing 1,104 Bitcoin during the quarter, the company recorded a net loss of $154.4 million, attributed to unrealized losses on marketable securities and non-cash expenses.
CEO Jason Les reported a strong financial position with approximately $1.3 billion in combined assets, including cash and 10,427 Bitcoin. The company has revised its hash rate projections, now targeting 34.9 EH/s by end-2024 and 65.7 EH/s by 2026.
Ramaswamy’s Strive Ventures into Bitcoin Wealth Management
In a strategic move highlighting institutional crypto adoption, Strive Enterprises, co-founded by former presidential candidate Vivek Ramaswamy, launched a wealth management division focusing on Bitcoin integration. The initiative aims to provide “true financial freedom” to everyday Americans, citing concerns over global debt levels and inflationary pressures.
The expansion follows Strive’s successful $30 million Series B funding round led by Cantor Fitzgerald, bringing its total assets under management to $1.7 billion since its 2022 launch.
The developments reflect the crypto industry’s ongoing evolution, characterized by both opportunities and challenges as it continues to mature and attract institutional interest despite persistent security concerns.
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
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