The Bitcoin meme-coin launchpad ODIN•FUN has fallen victim to a sophisticated price manipulation scheme that cost the platform approximately $7 million in Bitcoin. The incident was uncovered by blockchain security firm PeckShield, which detailed how the exploit unfolded.

How the Attack Happened

The attackers first deposited the Satoshi Nakamoto (SATOSHI) token into a liquidity pool. They then artificially inflated its price through coordinated transactions. Once the price was sufficiently “pumped,” the bad actors drained liquidity from the pool, pocketing millions of dollars worth of Bitcoin.

As a result, the remaining pool participants could no longer withdraw their assets, as the liquidity had been wiped out.

ODIN•FUN’s Response

The project immediately suspended AMM trading (automated market maker) and brought in security specialists.

“We have hired a top-tier security and audit team to conduct a full code review. The audit may take up to a week. Once completed, we plan to resume operations,” said Bob Bodily, CEO and co-founder of ODIN•FUN.

ODIN•FUN has also contacted law enforcement and major crypto exchanges, including Binance. The team claims they have reason to believe several China-based groups were involved in the exploit and plans to pursue legal action.

They issued a stern warning to the attackers: “You have a short window to return the funds before it’s too late. This is not a negotiation.”

Similar Incidents in the Past

Price manipulation attacks are nothing new in the DeFi world:

🔹 April 2024 – An attacker manipulated the price of Inverse Finance (INV) on SushiSwap, using the overvalued collateral to borrow nearly $16 million.

🔹 2023 – Lending platform 0VIX lost $2 million after an attacker inflated the price of vGHST and used it as collateral.

🔹 Early 2025 – Venus Protocol suffered $700,000 in losses from a “donation attack” that used highly overvalued wUSDM stablecoins.

🔹 Recently – Decentralized exchange Cetus Protocol on the Sui blockchain lost $250 million due to a library overflow bug.


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