The Bitcoin 
$76,115-based memecoin platform, Odin.fun, recently fell victim to a cunning hack resulting in a substantial financial loss. Blockchain security company PeckShield identified this breach, revealing that hackers stole approximately 58.2 BTC, valued at around $7 million. The platform experienced a sharp decrease in its deposit, plummeting from 291 BTC to 232.8 BTC in under two hours, shocking the community and raising concerns.
Odin.fun’s Security Breach: Initial Findings
PeckShield confirmed the siphoning of 58.2 BTC from Odin.fun, echoing the warnings of a community member, web3xiaoba. According to web3xiaoba, the hackers manipulated liquidity by adding coins resembling SATOSHI into the platform’s liquidity pools, inflating their prices before withdrawing liquidity for Bitcoin returns. This exploit disrupted the automatic market order, tilting the balance in favor of the attackers and revealing vulnerabilities within the system’s framework.
The impact of this attack quickly became evident. The platform’s Bitcoin holdings dropped sharply in less than two hours from 291 to 232.8 BTC. This rapid loss suggested the attackers’ method involved a swift liquidation of assets, coupled with a flaw in the liquidity pool’s structural stability.
Official Response: Odin.fun’s Next Steps
Bob Bodily, Odin.fun’s co-founder, communicated via his X account approximately eight hours post-attack, stating the team was still assessing the total Bitcoin loss. He emphasized that although the company’s treasury couldn’t fully cover the loss, the remaining funds on the platform were secure.
Bodily identified the source of the breach as a significant vulnerability in the platform’s automatic liquidity market-making tool. He also mentioned that various threat actors, mainly linked with Chinese hacker groups, exploited this weakness to extract Bitcoin. The team is formulating a compensation plan for affected users, with a comprehensive audit expected to take about a week.
Simultaneously, the project team contacted U.S. law enforcement and coordinated with exchanges OKX and Binance, who are discussing the issue with Chinese authorities. The team claims to have detailed logs of the attackers’ wallet movements. Bodily issued a stern warning to the culprits, urging them to return the stolen funds promptly to avoid legal consequences.
