Well, folks, grab your popcorn because Odin.fun, the Bitcoin-based memecoin launchpad, just got hit by a liquidity attack that made off with 58.2 BTC-yep, that’s about $7 million! 💰 Talk about a bad day at the office!
On August 12, PeckShield dropped the bomb on X, revealing that Bitcoin deposits on Odin.fun plummeted from 291 BTC to 232.8 BTC in less than two hours. Talk about a dramatic exit! 🎭
The attackers pulled off a classic liquidity manipulation scheme. They added assets like SATOSHI to Odin’s liquidity pools, inflated prices like a balloon at a kid’s birthday party, and then withdrew liquidity to snag BTC without returning the paired assets. It’s like taking the cake and leaving the party! 🎂
#PeckShieldAlert An @Odin_GodOfRunes community member reported that 58.2 $BTC (worth ~$7M) were drained from the platform.
– Hackers added liquidity (e.g., via $SATOSHI)
– Artificially inflated the token price
– Removed liquidity to receive BTC returnsAttacker Addresses:
-…– PeckShieldAlert (@PeckShieldAlert) August 13, 2025
Hours after the heist, co-founder Bob Bodily confirmed that trading and withdrawals were paused. He described the incident as a “vulnerability” in their automated market maker system. You know, the kind of vulnerability that makes you question your life choices! 🤦♀️
“Several malicious users, primarily linked to groups in China, took advantage of this vulnerability to steal a significant amount of BTC from the platform,” Bodily said. He also admitted that their treasury isn’t exactly overflowing, but hey, he promised a “concrete plan” to compensate affected users. Concrete? More like quicksand! 🏗️
Legal action and security audit
Odin.fun has called in the big guns-a top-tier security firm for a week-long audit and has reached out to U.S. law enforcement. They’re also chatting with exchanges OKX and Binance, who are helping Chinese authorities. It’s like a crypto version of Law & Order: Special Victims Unit! 🚓
Bodily even issued a warning to the attackers: “You have a short window to return the funds before it is too late. This is not a negotiation.” Sounds like someone’s been watching too many crime dramas! 📺
The team claims to have gathered substantial evidence, including wallet activity linked to the exploit. So, good luck to the hackers trying to hide! 🕵️♂️
Community backlash and history of hacks
The exploit caused a 40% decline in ODINDOG, raising eyebrows and concerns about the platform’s security. While some users praised the team’s transparency, others pointed out that this isn’t their first rodeo. Remember the $178,000 hack in April 2025? Yeah, that was a fun time too! 🎢
This is Odin.fun’s fourth reported exploit, and users are starting to wonder if the platform can ever recover its reputation. Spoiler alert: it’s going to take more than a cute dog token to win back trust! 🐕
Crypto hack landscape
And just when you thought it couldn’t get worse, this incident comes amid a surge in DeFi-related exploits. In July 2025 alone, there were 17 significant hacks, resulting in losses of $142 million. That’s a lot of zeros! 💸
Odin.fun hasn’t given a firm timeline for resuming operations, but they insist they’re “here to stay.” Let’s hope they can rebuild user trust faster than they can lose millions! 🤞
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2025-08-13 12:34