according to materials from the website -
By CoinPedia News
The cryptocurrency frenzy around meme coins has taken a new turn after ODIN•FUN, a platform for launching Bitcoin-based meme coins, was attacked for $7 million. The attackers executed a classic price manipulation with the Satoshi Nakamoto token (SATOSHI), resulting in traders losing their funds, while the project had to deal with the damage.
The cybersecurity company PeckShield reported that the attackers added SATOSHI tokens to the liquidity pool and then artificially raised the token's price. Once the price sharply increased, they reduced the liquidity, making off with $7 million worth of Bitcoin. As the liquidity pool considered the tokens to be genuinely valuable, it released BTC, and after the attackers drained it, other users found themselves unable to withdraw their funds.
ODIN•FUN promptly halted trading through an automated market maker (AMM) to prevent further losses. In response, ODIN•FUN CEO Bob Bodily issued a statement addressing the core issue with the platform's AMM liquidity, stating that the vulnerability arose from the latest update. He confirmed that several attackers, mainly linked to Chinese groups, took advantage of this vulnerability, and most of them have already been identified. While the remaining funds are secure, the company's treasury cannot fully cover the losses.
Bodily reported that a top-notch security audit is being conducted, and operations will resume within a week. Law enforcement agencies from the U.S. and China, as well as major exchanges OKX and Binance, are involved in the incident. He warned the attackers that they have a "short window" to return the stolen BTC before they are held accountable.
A compensation plan for affected users is in development, and Bodily emphasized that ODIN•FUN will "restore" trust, continue operations, and further develop Bitcoin DeFi despite the difficulties.
Many participants welcomed this prompt action plan. They strongly recommended that ODIN•FUN resume trading and withdrawals only after a complete independent audit of the entire platform, highly valuing its swift response to the vulnerability.
One X user sharply criticized Bob Bodily, accusing him of repeating empty promises made during the previous incident and calling him a fraud for claiming to develop a compensation plan.
Such attacks aimed at price manipulation are becoming alarmingly frequent in DeFi. In April, an attacker exploited the Inverse Finance token on SushiSwap, borrowing $16 million against artificially inflated collateral. The Polygon lending platform 0VIX lost $2 million in 2023 after a similar operation involving pumping and borrowing vGHST tokens.
This year alone has been costly. In early 2025, Venus Protocol lost $700,000 due to a "donation attack" on overvalued stablecoins, while Cetus Protocol on the Sui blockchain lost $250 million due to a library overflow error.
