Bitcoin-based Meme Platform Odin.fun Drained of 58.2 BTC Valued at $7M
Main Idea
Odin.fun, a Bitcoin-based memecoin launchpad, was exploited for 58.2 BTC ($7M) due to a smart contract vulnerability, with attackers from China manipulating liquidity pools.
Key Points
1. Odin.fun lost 58.2 BTC (worth ~$7M) in an exploit on Wednesday, attributed to a weak security design in its smart contract.
2. The attackers, based in China, added liquidity to a meme token to attract traders, then drained the Bitcoin from the platform's pools.
3. Post-attack, Odin.fun's Bitcoin balance dropped to ~232.8 BTC, and the platform is engaging with U.S. law enforcement to address the issue.
4. The exploit highlights risks in smart contract security and liquidity pool management for crypto platforms.
Description
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 ...
Latest News
- BGUSD vs RWUSD: How Bitget’s Yield-Bearing Certificate Challenges Binance’s RWA Product2025-08-14 07:53:16
- XRP (XRP) Price Prediction for August 152025-08-14 07:47:40
- Donald Trump, Who Once Called Bitcoin a “Scam,” Now Says Crypto Is the “Solution”2025-08-13 19:51:52
- SEC’s Hester Peirce Gives a “Green Light, With Rules” for Tokenization2025-08-13 19:37:51
- Samson Mow Says Everything is Trending to Zero Against Bitcoin2025-08-13 19:07:43