$7M Crypto Hack Hits Bitcoin DeFi Project ODIN•FUN

Explore key highlights within the Crypto area. This article dives into: “$7M Crypto Hack Hits Bitcoin DeFi Project ODIN•FUN”.

Crypto’s meme-coin frenzy took one other darkish flip after ODIN•FUN, a Bitcoin-based meme-coin launchpad, was hit by a $7 million exploit. The attackers pulled off a basic value manipulation stunt with the Satoshi Nakamoto (SATOSHI) token, leaving merchants locked out of their funds and the mission scrambling to comprise the injury.

How the Exploit Unfolded

Cybersecurity agency PeckShield revealed that the attackers deposited SATOSHI tokens right into a liquidity pool after which artificially pumped the token’s value. Once the worth skyrocketed, they yanked the liquidity, strolling away with $7 million price of Bitcoin. Since the liquidity pool assumed the tokens had been genuinely helpful, it launched the BTC, and as soon as the attackers drained it, different customers discovered themselves unable to withdraw their very own funds.

ODIN•FUN’s Response

ODIN•FUN rapidly halted its automated market maker (AMM) buying and selling to stop any additional losses. In response, ODIN•FUN CEO Bob Bodily issued a press release addressing the core challenge of the platform’s liquidity AMM, revealing that the vulnerability got here from their newest replace. He confirmed a number of malicious actors, largely tied to China-based teams, exploited the flaw, with most already recognized. While the remaining funds are protected, the corporate treasury can’t cowl the losses in full.

Bodily stated a top-tier safety audit is underway, and operations will resume inside per week. Law enforcement within the U.S. and China is concerned, alongside main exchanges OKX and Binance. He warned attackers they’ve a “short window” to return the stolen BTC earlier than going through prosecution.

A compensation plan for affected customers is within the works, and Bodily harassed that ODIN•FUN will “earn back” belief, stay operational, and proceed constructing in Bitcoin DeFi regardless of the setback.

Many, many members cheered the short motion plan. They urged that ODIN•FUN ought to solely reopen buying and selling and withdrawals after a full, impartial audit of your entire platform, whereas appreciating his fast response to the exploit.

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While one X person closely criticizes Bob Bodily, accusing him of repeating the identical empty guarantees from a earlier incident, and calling him a scammer for claiming a compensation plan is within the works.

Part of a Bigger Problem

Price manipulation assaults like this have gotten alarmingly frequent in DeFi. In April, an attacker exploited the Inverse Finance token on SushiSwap, borrowing $16 million towards artificially inflated collateral. Polygon’s 0VIX lending platform noticed $2 million vanish in 2023 after the same vGHST token pump-and-borrow transfer.

This 12 months alone has been expensive. Venus Protocol misplaced $700,000 to an overvalued stablecoin “donation attack” in early 2025, and Cetus Protocol on the Sui blockchain was gutted for $250 million as a result of a library overflow bug.

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