#OdinFun #memecoin🚀🚀🚀 $BTC

Odin.fun, a Bitcoin-based memecoin launchpad and trading platform, suffered a security breach that resulted in the loss of 58.2 BTC — roughly $7 million — according to blockchain security firm PeckShield.

PeckShield reported on Wednesday that the funds were drained following a liquidity manipulation attack, as described by Odin.fun community member “web3xiaoba.” The attackers allegedly added tokens such as SATOSHI to inflate prices, then withdrew liquidity to receive Bitcoin. Within less than two hours, the platform’s Bitcoin reserves fell from 291 BTC to 232.8 BTC.

About eight hours later, Odin.fun co-founder Bob Bodily posted on X that the team was still determining the exact scale of the loss.

“We are still assessing the total BTC lost, but our company treasury isn’t large enough to cover the amount. The remaining funds on the platform are safe,” he stated.

Bodily explained that the exploit targeted the platform’s automated liquidity market-making tool, with several threat actors — many linked to Chinese entities — exploiting the flaw to steal Bitcoin. He added that the team is developing a “concrete plan” to compensate affected users and is working with a security firm to conduct a full audit, which could take up to a week.

Odin.fun has also contacted U.S. law enforcement and is collaborating with major exchanges OKX and Binance, which are coordinating with Chinese authorities. The project claims to have strong evidence against the attackers, including detailed wallet activity records.