Bitcoin-based Meme Platform Odin.fun Drained of 58.2 BTC Valued at $7M

• Odin.fun co-founder Bob Bodily announced that the platform‘s treasury is not in a position to cover losses.
• Affected Odin.fun users may have to wait longer to be made whole again via the platform’s revenues.
• Trading on the Odin.fun platform has been paused to give the auditing team up to a week of code analysis.

Odin.fun, a memecoin launchpad on the Bitcoin network, has been siphoned 58.2 BTC, valued at about $7 million. The Odin.fun compromise happened on Wednesday, with on-chain data analysis showing involvement from China-based hacking groups. 

According to Bob Bodily, the co-founder of Odin.fun, the company’s treasury is not sufficient to cover the losses incurred by users following the attack. Nonetheless, Bob assured the users that the rest of the funds are safe, especially after pausing trading.

“Today we discovered a major exploit in our liquidity AMM which was introduced in our latest update. Several malicious users, primarily linked to groups in China, took advantage of this vulnerability to steal a significant amount of BTC from the platform,” Bob noted.

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