Odin.fun platform lost $7 million as a result of hacking

Bitcoin-based memcoin launch and trading platform Odin.fun lost 58,2 BTC worth nearly $7 million in an exploit, blockchain security company PeckShield reported.

Experts from PeckShield reported the incident, citing information from a member of the Odin.fun community. User web3xiaoba added that the hackers carried out a liquidity manipulation attack, depositing tokens such as SATOSHI to inflate prices and then withdrawing liquidityto make a profit in bitcoins. In two hours, bitcoin deposits on the platform fell from 291 BTC to 232,8 BTC.

Eight hours after the hack, Odin’s fun co-founder Bob Bodily posted on social media that the team was still assessing its total Bitcoin losses.

We are still assessing the exact amount of BTC lost, but at this point our company’s treasury is not large enough to cover the losses. The remaining funds on the platform are safe, he said.

The co-founder explained that the project had uncovered a serious vulnerability in the platform’s automated liquidity market-making tool. According to Bodily, attackers exploited this vulnerability to steal bitcoins from the platform.

The Odin’s fun team is reportedly working on a «concrete plan» to compensate affected users. Bodily also noted that the platform is working with security experts who are conducting a full audit of the service.

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