The Bitcoin-based meme coin platform Odin.fun suffered a serious hack. Hackers stole 58.2 $BTC , which is equivalent to approximately $7 million, exploiting a vulnerability in the platform's automated liquidity tool. PeckShield analysts reported that the perpetrators, likely linked to Chinese hacker groups, manipulated liquidity by creating a trading pair and withdrawing excess BTC through multiple cycles.
Odin.fun co-founder Bob Bodily stated that the platform's treasury cannot fully cover the losses, but the team is working on a compensation plan and collaborating with exchanges and law enforcement. Trading and withdrawals have been temporarily suspended to prevent further losses. This incident caused the platform's token to drop by 40%, triggering panic among users.
The hack highlights the vulnerability of decentralized platforms and the need to strengthen security measures. The community calls for transparency regarding the investigation and next steps. Odin.fun promises updates through official channels.
#cryptohacks #BitcoinSecurity #OdinFun #cybercrime #BlockchainSafety #MiningUpdates
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