{"id":7646,"date":"2025-08-13T10:24:23","date_gmt":"2025-08-13T10:24:23","guid":{"rendered":"https:\/\/bitunikey.com\/news\/bitcoin-based-memecoin-launchpad-odin-fun-loses-7m-to-liquidity-attack\/"},"modified":"2025-08-13T10:24:28","modified_gmt":"2025-08-13T10:24:28","slug":"bitcoin-based-memecoin-launchpad-odin-fun-loses-7m-to-liquidity-attack","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/bitcoin-based-memecoin-launchpad-odin-fun-loses-7m-to-liquidity-attack\/","title":{"rendered":"Bitcoin-based memecoin launchpad Odin.fun loses $7M to liquidity attack"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Odin.fun, a Bitcoin-based memecoin launchpad and trading platform, has confirmed a major exploit resulting in the theft of 58.2 BTC, worth approximately $7 million.<\/p>\n<div id=\"cn-block-summary-block_ea4afac108dd009a4acc9bf35555c00b\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Odin.fun, a Bitcoin-based memecoin launchpad, lost 58.2 BTC (~$7M) in a liquidity manipulation exploit on Aug. 12, marking its fourth hack since 2024.<\/li>\n<li>Trading and withdrawals were paused as the team engaged auditors, law enforcement, and exchanges.<\/li>\n<li>The ODINDOG token dropped 40%, fueling concerns over the platform\u2019s long-term security and reputation amid rising DeFi exploit activity.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The Aug. 12 attack was <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/peckshieldalert\/status\/1955457951558406332?s=46&amp;t=nznXkss3debX8JIhNzHmzw\" target=\"_blank\">disclosed<\/a> on X by PeckShield, which cited a community member\u2019s report that Bitcoin (BTC) deposits on the platform plunged from 291 BTC to 232.8 BTC in less than two hours. <\/p>\n<p>The exploit involved a liquidity manipulation scheme, in which attackers added assets like SATOSHI to Odin\u2019s liquidity pools, artificially inflated prices, then withdrew liquidity to extract BTC without returning paired assets.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#PeckShieldAlert<\/a> An <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/Odin_GodOfRunes?ref_src=twsrc%5Etfw\" target=\"_blank\">@Odin_GodOfRunes<\/a> community member reported that 58.2 <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">$BTC<\/a> (worth ~$7M) were drained from the platform.<\/p>\n<p>\u2013 Hackers added liquidity (e.g., via $SATOSHI)<br \/>\u2013 Artificially inflated the token price<br \/>\u2013 Removed liquidity to receive BTC returns<\/p>\n<p>Attacker Addresses:<br \/>-\u2026 <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/t.co\/igSZZujB1I\" target=\"_blank\">pic.twitter.com\/igSZZujB1I<\/a><\/p>\n<p>\u2014 PeckShieldAlert (@PeckShieldAlert) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1955457951558406332?ref_src=twsrc%5Etfw\" target=\"_blank\">August 13, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>Hours after the breach, Odin.fun co-founder Bob Bodily confirmed the platform had paused trading and withdrawals to prevent further losses. Bodily <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/bobbodily\/status\/1955477887701881007?s=46&amp;t=nznXkss3debX8JIhNzHmzw\" target=\"_blank\">described<\/a> the incident as stemming from a vulnerability in the platform\u2019s automated market maker system, introduced in a recent update.<\/p>\n<p>\u201cSeveral malicious users, primarily linked to groups in China, took advantage of this vulnerability to steal a significant amount of BTC from the platform,\u201d Bodily wrote. He admitted that the company treasury isn\u2019t large enough to fully cover the losses, but pledged a \u201cconcrete plan\u201d to compensate affected users.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>Legal action and security audit<\/strong><\/h2>\n<p>Odin.fun has engaged a top-tier security firm for a week-long audit and contacted U.S. law enforcement, as well as exchanges OKX and Binance, which are assisting Chinese authorities in the investigation. Bodily has issued a direct warning to the attackers.<\/p>\n<p>\u201cYou have a short window to return the funds before it is too late. This is not a negotiation. You have one chance to limit the consequences and avoid prosecution,\u201d Bodily wrote.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Apologies for the delay in responding to today\u2019s event. We know it\u2019s been over 8 hours since the exploit and our silence has likely been frustrating for many of you. We wanted to speak sooner but needed time to verify the facts and take immediate action to protect user funds.\u2026<\/p>\n<p>&mdash; Bob Bodily, PhD \ud83d\udc4b | #BTC #ETH #ICP \ud83e\uddd9\ud83c\udffd\u200d\u2642\ufe0f (@BobBodily) <a href=\"https:\/\/twitter.com\/BobBodily\/status\/1955477887701881007?ref_src=twsrc%5Etfw\">August 13, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>The team claims to have gathered substantial evidence, including wallet activity linked to the exploit.<\/p>\n<h2 class=\"wp-block-heading\">Community backlash and history of hacks<\/h2>\n<p>The exploit caused a 40% decline in ODINDOG, the native token of Odin.fun, raising concerns about the security of the platform. While some users praised the team\u2019s openness, others pointed to persistent weaknesses, such as a $178,000 hack in April 2025 that was caused by errors in the \u201cSign-In With Bitcoin\u201d authentication system. That earlier incident was reportedly patched.<\/p>\n<p>This is Odin.fun\u2019s fourth reported exploit, raising concerns among users about whether the platform can recover its reputation, despite its rapid growth in the Bitcoin DeFi sector.<\/p>\n<h2 class=\"wp-block-heading\">Crypto hack landscape<\/h2>\n<p>The incident comes amid a surge in DeFi-related exploits. As previously reported by crypto.news, there were 17 significant hacks in July 2025, resulting in losses of $142 million, a 27% increase from June. The majority of the stolen money was laundered through cross-chain bridges, which have replaced mixers as the main means of transferring illegal cryptocurrency.<\/p>\n<p>Odin.fun has not provided a firm timeline for resuming operations but insists it is \u201chere to stay\u201d and is committed to rebuilding user trust.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Odin.fun, a Bitcoin-based memecoin launchpad and trading platform, has confirmed a major exploit resulting in the theft of 58.2 BTC, worth approximately $7 million. Summary Odin.fun, a Bitcoin-based memecoin launchpad,&hellip;<\/p>\n","protected":false},"author":1,"featured_media":614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/7646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=7646"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/7646\/revisions"}],"predecessor-version":[{"id":7647,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/7646\/revisions\/7647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/614"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=7646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=7646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=7646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}