Hackers Strike Odin.fun, Draining $7M in Price Manipulation Attack

Odin.fun, a launchpad and trading venue for Bitcoin-based memecoins, has suffered a significant exploit resulting in the loss of over $7 million worth of Bitcoin.

Blockchain security firm PeckShield reported that 58.2 BTC was drained from the platform after what appears to have been a targeted liquidity manipulation attack.

How the exploit unfolded

Details shared by an Odin.fun community member point to attackers inflating token prices by adding assets such as SATOSHI to liquidity pools, then removing that liquidity to receive BTC in return. This caused platform Bitcoin deposits to drop from 291 BTC to 232.8 BTC in under two hours.

Co-founder Bob Bodily confirmed on X that the team was still assessing the full extent of the losses, acknowledging that the company’s treasury alone would not be able to cover them.

He said the breach was tied to a vulnerability in the automated liquidity market-making tool, with threat actors, primarily linked to Chinese entities, taking advantage of it.

Bodily noted that the team is preparing a plan to compensate affected users, although details have yet to be finalized. A complete security audit is underway, with initial findings expected within a week.

Next steps and recovery efforts

Odin.fun has reached out to U.S. law enforcement, while also coordinating with major exchanges such as OKX and Binance, both of which have contacted Chinese authorities regarding the matter.

According to the platform, it has gathered substantial evidence about the perpetrators, including detailed blockchain records of their activity.

In a direct message to those responsible, Bodily urged the return of the stolen funds, warning that identities have already been uncovered and that the team would dedicate “as much time and resources as required” to recover the assets.

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