Bitcoin Meme Coin Launchpad Odin.fun Loses $7 Million in Liquidity Exploit
Main Idea
Bitcoin-based memecoin launchpad Odin.fun lost 58.2 BTC ($7 million) due to a liquidity manipulation exploit, prompting a temporary shutdown and audit.
Key Points
1. Odin.fun suffered a liquidity manipulation attack, losing 58.2 BTC (~$7 million), and has paused operations for a code audit expected to take up to a week.
2. The exploit involved manipulating the meme coin SATOSHI•NAKAMOTO ($SATOSHI) to withdraw Bitcoin liquidity, with OKX and Binance assisting in tracking the attacker.
3. Liquidity manipulation attacks are not new; in 2022, DeFi platform Mango Markets lost $116 million in a similar incident.
4. The attack was attributed to a flaw introduced during an automated market maker (AMM) update, according to TRM Labs.
5. Odin.fun, launched in January 2025, aimed to facilitate fast trading of Bitcoin Runes, a fungible token standard comparable to BRC-20 tokens.
Description
The launchpad has paused operations, blamed malicious China-linked actors for the attack, and plans to re-open next week.
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