12.08.2025 23:11
Panic gripped Odin.fun users following a significant unauthorized withdrawal of Bitcoin deposits. The Bitcoin-based memecoin launchpad, Odin.fun, swiftly suspended all trading and withdrawals after a dramatic near-20% drop in deposits within a mere two hours. This sudden depletion fueled widespread concerns regarding a major security breach.
An X user, @web3xiaoba, initially sounded the alarm, highlighting a precipitous decline in Bitcoin deposits from 291 BTC to 232.8 BTC—a loss of approximately 58.2 BTC. The user further implicated two specific addresses in these suspicious transactions, alleging the exploit involved manipulating liquidity pools to extract Bitcoin without leaving equivalent paired assets.
In response, Odin.fun founder Bob Bodily confirmed the trading halt via X, stating the temporary suspension aimed to safeguard user funds while a thorough investigation was underway. His brief message emphasized a commitment to transparency and promised further updates as the investigation progressed. This action follows a similar incident in April 2025.
This latest event triggered unsettling memories of an April 2025 incident, previously reported by internet sources, where Bodily’s personal Odin.fun account was compromised, resulting in unauthorized asset clearance. Odin.fun again halted trading and withdrawals then, initiating an assessment of potential broader account impacts while simultaneously addressing the underlying security vulnerabilities. The earlier breach caused significant market turmoil, with the platform's native token, ODINDOG, plummeting approximately 40%. Other tokens hosted on the platform also experienced negative repercussions.
The April incident divided the community, with some expressing empathy for Bodily and characterizing the situation as a devastating setback. However, others voiced skepticism, questioning the necessity of a universal withdrawal suspension if, as Bodily initially claimed, only his account was the target of the attack. This latest incident has similarly ignited intense debate and heightened user anxieties, underscoring the inherent risks associated with decentralized finance platforms.
