• A major breach hits Odin.fun and results in the theft of 58 $BTC within a few hours.

  • The platform halts its services and promises a plan to compensate users despite the project’s treasury deficit.

In a painful blow to the meme coin world, the platform Odin.fun, specialized in launching meme coins based on the Bitcoin network, suffered a violent cyber attack resulting in a loss equivalent to 7 million dollars in BTC, which is equivalent to 58.2 Bitcoin that were withdrawn within a few hours of the platform's breach.

Systematic breach and Bitcoin escape

According to a warning published by PeckShieldAlert, a company specialized in monitoring security threats in the blockchain world, the attack began when hackers pumped liquidity into the Odin.fun protocol, causing the price of several tokens to rise, led by the SATOSHI coin.

After that, the attackers withdrew from the liquidity pool after selling the overvalued tokens, making huge profits in Bitcoin.

The losses fell on the users who were holding liquidity or SATOSHI coins in the liquidity pool at the time of the attack, as their Bitcoins were exchanged for artificially inflated tokens, before the market collapsed and the price returned to normal.

The platform stops and its token collapses

The platform's founder, Bob Bodily, published a clarification on platform X, confirming the temporary suspension of Odin.fun services, indicating that the attack was carried out by hackers linked to Chinese groups, exploiting a vulnerability that emerged in the platform's recent update. His statement included:

'A number of malicious users, most of whom are connected to groups in China, exploited this vulnerability to steal a large amount of Bitcoin.'

But worse than that, according to Bodily, is that the Odin.fun treasury does not have enough funds to compensate for the losses, yet the team promised the affected, saying:

'We are working on a clear plan to compensate all those affected. We have some ideas, and if you are fans of Odin.fun, you will like the plan we are preparing.'

Until this plan is announced, management confirmed that the platform will undergo a comprehensive security audit before resuming any activities. However, the damage does not stop at the theft; the project's original coin, ODINDOG, lost 46% of its value immediately upon the announcement of the incident, which may threaten the future of the platform as a whole.

Token launch platforms rely on trust as a key element for their continuity, and any blow to their credibility can be fatal. In the case of Odin.fun, things seem unclear, and while recovery attempts are underway, markets and investors do not wait long in the fast-moving crypto world.

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