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Odin.fun, a Bitcoin-centered memecoin launchpad, fell victim to a major exploit on August 13, when attackers drained approximately 58.2 BTC—valued at around $7 million—from its liquidity pools. The breach unfolded rapidly, with the platform’s Bitcoin reserves dropping from 291 BTC to about 232.8 BTC within just two hours.
The attack exploited a flaw in Odin.fun’s automated market maker (AMM) system, introduced in a recent platform update. Hackers took advantage of this vulnerability by depositing a worthless token, SATOSHI, alongside BTC to manipulate the internal pricing. Once the price was inflated within the pool, they withdrew large sums of Bitcoin at artificially favorable rates. The operation’s speed and precision suggest a coordinated effort, with the CEO identifying multiple malicious actors, including groups linked to China.
In response, Odin.fun swiftly halted trading and withdrawals to contain further damage. CEO Bob Bodily revealed that the platform’s treasury couldn’t fully absorb the losses and emphasized that while survivor funds remain safe, the startup would need to develop a concrete compensation strategy. The team is now working with law enforcement and major exchanges like Binance and OKX to trace and potentially freeze the ill-gotten assets.
Looking ahead, Odin.fun is commissioning a full security audit—expected to take up to a week—and is determined to rebuild user trust despite the setback. This incident underscores the vulnerabilities of shallow liquidity pools and the risks of AMM designs that rely solely on internal token supply ratios without cross-market price validation.
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