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Bitcoin Memecoin Launchpad Hit by $7M Liquidity Exploit
Trading on Odin.fun was paused after the exploit, which drained 58.2 BTC from the platform's liquidity pools.
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Odin.fun, a new meme-coin launchpad for Bitcoin’s Runes tokens, experienced a major exploit as attackers pulled off a liquidity manipulation, siphoning $7 million in BTC in the process.
What’s the Scoop?
- $7M Drained: Hackers exploited a weakness in the platform’s liquidity pool, netting around 58.2 BTC (valued at approximately $7 million) through price manipulation attacks.
- Trading Halted: Following the breach, Odin.fun paused all trading and withdrawals while it launched a full security audit.
- Cause of the Attack: The exploit involved inserting worthless tokens like SATOSHI to fake a favorable exchange rate, allowing attackers to withdraw BTC from slanted liquidity pools.
- Founder Comment: "We are still assessing the exact amount of BTC lost, but as of right now, our company treasury isn't big enough to cover the losses. The remaining funds in the platform are safe," founder Bob Bodily said on X.
Bankless Take:
The crypto industry is no stranger to exploits. When interacting with novel early-stage applications like Odin.fun, users should take caution to never deposit more than they are willing to lose.