The memecoin launch platform Odin.fun was attacked, resulting in a loss of 7 million USD

The memecoin launch platform on Bitcoin, Odin.fun, has temporarily halted operations after being attacked, incurring approximately 7 million USD (58.2 $BTC ) in damages. This attack has been identified as a "liquidity manipulation," in which the attacker exploited a vulnerability to withdraw Bitcoin from the liquidity fund.

Details of the attack and Odin.fun's response

According to CEO Bob Bodily, the company's fund is not sufficient to cover the entire loss, but the remaining user funds are safe. Odin.fun has hired a third-party security team to audit the source code and expects to be back in operation within a week. Although the identity of the attacker has not been determined, Bob Bodily believes these individuals are connected to groups in China.

The attack occurred on the automated market maker (AMM) of Odin.fun, when the hacker manipulated the price of #memecoin SATOSHI•NAKAMOTO to withdraw Bitcoin from the liquidity fund.

Risks of new platforms

This incident once again highlights the risks associated with new DeFi and memecoin platforms. According to Ari Redbord from TRM Labs, liquidity manipulation attacks are becoming increasingly common, particularly with new protocols that lack thorough audits and have shallow liquidity. These platforms often rush to launch to capitalize on market hype, overlooking necessary security testing steps, facilitating easier attacks by hackers. #anhbacong