TL;DR
- Odin.fun, a Bitcoin-based memecoin launch and trading platform, suffered an exploit that resulted in the loss of 58.2 BTC, equivalent to around $7 million.
- Attackers manipulated liquidity pools using tokens like SATOSHI to inflate prices before withdrawing funds.
- Co-founder Bob Bodily stated that the team is working on a concrete plan to compensate affected users while cooperating with authorities and major cryptocurrency exchanges.
A sudden exploit has targeted Odin.fun, a Bitcoin-based memecoin launchpad and trading platform, resulting in the loss of 58.2 BTC, around $7 million. PeckShield, a blockchain security firm, reported that attackers manipulated liquidity pools by injecting tokens like SATOSHI, inflating their value before withdrawing large amounts of Bitcoin.
Within less than two hours, the platform’s BTC deposits dropped from 291 to 232.8 BTC. This incident highlights the increasing sophistication of attackers targeting smaller, innovative crypto platforms and underlines the importance of timely response, transparency, and proactive security measures.
Investigation And Security Measures Underway
Co-founder Bob Bodily confirmed that the company’s treasury cannot fully cover the losses but reassured users that the remaining funds are secure. The team has engaged a professional security firm to perform a thorough audit of the platform’s automated market-making system, which was exploited in the attack. Bodily explained that multiple threat actors, many linked to Chinese entities, took advantage of this vulnerability. While the compensation plan is not yet finalized, the team is committed to sharing it publicly once ready.
Efforts are also underway to implement stronger safeguards to prevent future incidents, improve risk monitoring, and enhance transparency for users. Continuous development and testing are being prioritized to ensure platform resilience, stability, and user confidence worldwide.
Collaboration With Authorities And Exchanges
Odin.fun is working with U.S. law enforcement and leading exchanges including OKX and Binance to trace the attackers. Detailed wallet activity has been recorded, and some perpetrators have already been identified. Bodily also issued a message urging the return of stolen funds to avoid prosecution, stating that the platform will dedicate all necessary resources to recover the Bitcoin. Despite this setback, Odin.fun still continues operations and emphasizes its strong commitment to the Bitcoin memecoin ecosystem.
Many experts highlight that incidents like this demonstrate the importance of continuous auditing, robust liquidity controls, proactive risk management, and user awareness in decentralized platforms. Users are encouraged to follow official updates for information on security improvements, compensation plans, and upcoming platform features, which aim to strengthen trust, safety, and long-term project growth.
