Bitcoin-based memecoin launchpad Odin.fun suspended trading after an exploit drained approximately $7 million worth of BTC in a manipulated liquidity pool attack.
Key Takeaways
- Attackers leveraged the Satoshi (SATOSHI) token’s liquidity pool to artificially inflate its value and extract ~58–60 BTC with a value over $7 million.
- The exploit triggered immediate suspension of trading and withdrawals by platform co-founder Bob Bodily, who announced an ongoing audit and security review.
- The exploit have caused fears in crypto community after prior April “Sign-In With Bitcoin” vulnerability. It also caused damage in trust in DeFi-adjacent platforms.
Odin.fun, a memecoin launchpad built around Bitcoin, fell victim to a sophisticated exploit in which attackers manipulated the price of the Satoshi (SATOSHI) token. According to U.Today’s recent report supported by on-chain and market data analytics like PeckShield, the attackers deposited SATOSHI tokens into the liquidity pool, driving up its price, then removed liquidity, causing an extraction of approximately 58.2 BTC, which is equivalent to almost $7 million at the time of the attack.
Bob Bodily, the platform’s co-founder, has confirmed the suspension of operations, including trading and withdrawals while a top-tier security audit and investigation is conducted. He highlighted in the interview that law enforcement and major exchanges, including Binance, have been contacted. He stated:
“We have already engaged a top-tier security/auditing team to perform a full audit of our code, which could take up to a week. Once complete, ODIN•FUN will resume operations.”
Meanwhile, Bodily recently posted in X an update regarding the exploit, where he emphasized that the exact amount of BTC stolen is still under assessment, and that the company treasury is not huge enough to cover the losses. However, he reassured that the rest of the funds are secure.
The community remains divided regarding the issue. Some have expressed concern about how bad the situation is, while others, particularly on-chain platform, remain supportive, appreciative of the transparency, and remain optimistic.
An X user commented:
“NGL, this is bad. Like bad bad.”
While others gave their support:
“The MX team stands in full support of @BobBodily and the @Odin_GodOfRunes team! Thank you for the transparency and swift action… we stand with the community to overcome challenges and build a safer ecosystem!”
BTC Price Holds Steady as Native Tokens Face Heavy Sell-Offs
As of writing (10:00 AM UTC), Bitcoin trades at around $120,010, gaining approximately 1.2% over the past 24 hours with an intraday range of $118,252 to $120,203.
While BTC’s overall market was not severely affected, the incident triggered a renewed sell-off of Odin.fun’s native token ODINDOG, which previously sank approximately 40% in value after a similar flash crash tied to account compromise in April.
The Platform’s Future is in Doubt After Previous Security Breaches
This incident amplifies recurring security concerns surrounding Odin.fun. In April 2025, the platform's Sign-In With Bitcoin (SIWB) canister was found to be suspicious, allowing public key/address mismatches that facilitated unauthorized access. This resulted to widespread criticism and a categorical patch from DFINITY.
What’s Next
With $7 million in BTC gone and user trust teetering, the road ahead is narrow. Odin.fun’s ability to rebound will likely hinge on visible steps toward stronger smart contract security, real-time deposit tracking, and open dialogue with its community. Without those, its position in the volatile memecoin sector may be irreversibly compromised.
Summary
Odin.fun has suffered a $7M BTC exploit through liquidity pool price manipulation involving its Satoshi token. The attack prompted an immediate suspension of trading and withdrawals, with law enforcement and exchanges notified. The exploit follows a prior April vulnerability, compounding reputational damage and user trust concerns.
The platform’s future hinges on its ability to deliver verifiable security upgrades, maintain transparent communication, and restore market confidence. Without these measures, Odin.fun risks long-term decline in the competitive memecoin ecosystem.
