Odinfun, a Bitcoin-based memecoin launchpad, suffered a $7 million liquidity exploitation attack resulting in the loss of 58.2 BTC. The breach drained deposits from 291 BTC to 232.8 BTC in under two hours. Security firm PeckShield identified the incident as a sophisticated liquidity manipulation exploit, which is being linked to hacker groups based in China. Following the breach, Odinfun suspended trading and withdrawals during an ongoing security audit. The platform is coordinating with U.S. law enforcement agencies, as well as cryptocurrency exchanges OKX and Binance, which have engaged Chinese authorities in response to the attack.
