ODIN•FUN announced a serious security vulnerability in the AMM update, leading to the theft of Bitcoin worth approximately 7 million USD.
Malicious users, linked to Chinese crime gangs, exploited this vulnerability to steal 58.2 BTC. A top security team has been mobilized to investigate and coordinate with law enforcement to apprehend the perpetrators.
MAIN CONTENT
The security vulnerability in the new AMM update of ODIN•FUN has been exploited.
58.2 BTC, equivalent to approximately 7 million USD, has been stolen by a Chinese crime group.
The company is cooperating with law enforcement and has hired a top security audit team.
What is the security vulnerability in the AMM update of ODIN•FUN?
ODIN•FUN announced a significant vulnerability in the latest update of Liquidity AMM that allows bad actors to exploit it to steal assets on the platform.
This is a serious issue as AMM is a critical component that coordinates automated liquidity in DeFi. The vulnerability allows unauthorized individuals to access and transfer large amounts of Bitcoin out of the system.
The detection and transparent disclosure of the vulnerability facilitate proper handling, demonstrating the commitment to safety and transparency from the development team.
What is the amount of Bitcoin lost and what is the specific impact?
According to the security monitoring unit PeckShield, about 58.2 BTC has been stolen. At current market prices, this amounts to nearly 7 million USD.
This is a large figure, severely affecting the platform and users. However, the company stated that the current balance on the platform remains securely protected and has not been further affected.
Financial losses are not fully compensated as the extent of the decrease exceeds the company's ability to pay, posing a significant challenge in recovery after the incident.
How is the security team and legal cooperation being conducted?
ODIN•FUN has hired a top security audit team to conduct a comprehensive evaluation and review of the source code. This is an important step to quickly detect and patch vulnerabilities.
In addition, the company is actively coordinating with law enforcement agencies in China and the United States to track and deal with the crime gangs responsible for the incident.
International cooperation with a top security audit team is essential to protect users' rights and restore market confidence.
Representative of ODIN•FUN, 08/13/2024
Frequently Asked Questions
How much Bitcoin has ODIN•FUN lost in this incident?
More than 58.2 BTC, equivalent to approximately 7 million USD at current market prices, has been stolen due to the AMM vulnerability.
Can the company compensate users for the damages?
Currently, the company does not have sufficient resources to cover the total damages as the amount of lost Bitcoin exceeds its financial capacity.
Have any measures been taken to prevent similar vulnerabilities from occurring?
The company has hired a top security audit team to review the source code and thoroughly patch vulnerabilities while enhancing the security process.
Are law enforcement agencies involved in the investigation?
The team is closely coordinating with the police forces of China and the United States to apprehend the involved criminals.
How does the AMM vulnerability affect users who are storing on the platform?
The current balance of users is securely protected and has not been further affected after the incident.
Source: https://tintucbitcoin.com/odin-fun-lianchuang-danh-gia-ton-that/
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