Bitcoin Meme Coin Launchpad Odin.fun Loses $7 Million in Liquidity Exploit

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.