A security breach has affected Odin.fun, a Bitcoin-based platform that facilitates the launch and exchange of memecoins.
An estimated 58.2 BTC, worth around $7 million, was removed from the platform in a matter of hours following a targeted exploit.
PeckShield, a blockchain security firm, first reported the issue on August 13. An X user indicated that attackers manipulated liquidity pools by injecting tokens like SATOSHI to artificially raise token values.
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After inflating the prices, the attackers pulled their liquidity by converting it into a large amount of Bitcoin
$117,043.99
. This led to a decline in the platform’s BTC reserves, from 291 BTC to just 232.8 BTC, in less than two hours.
Odin.fun’s co-founder Bob Bodily confirmed that the losses were still being reviewed but acknowledged that the company’s own reserves would not be enough to replace the stolen funds. However, he reassured users that the remaining assets were secure.
Bodily attributed the attack to a flaw in the platform’s automated market-making system. He noted that the vulnerability was exploited by multiple individuals, with many of the activities traced to actors with links to China.
He stated that while the details of compensation are not finalized, a plan is underway and will be shared publicly when ready.
The platform has reached out to US authorities and is collaborating with major cryptocurrency exchanges, including Binance
$8.17B
and OKX
$2.36B
. Additionally, Odin.fun claimed to have collected evidence pointing to the parties responsible, including records of wallet transactions.
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