13.08.2025 11:54

Odin.fun, a Bitcoin-based memecoin platform, suffered a significant security breach, resulting in the theft of approximately 58.2 Bitcoin (roughly $7 million USD). The platform's CEO, Bob Bodily, attributed the incident to a faulty automated market maker (AMM) implemented in a recent software update. This flaw, he explained, was exploited by groups primarily operating from China.

Exploiting a vulnerability within the platform's liquidity AMM, these groups manipulated trades to withdraw a substantial amount of Bitcoin without providing equivalent assets in return. The swiftness of the attack is noteworthy, with the theft completed within a mere two hours, highlighting the severity of the AMM's flaw. The incident was initially brought to light by a concerned community member.

Bodily, in a post on X (formerly Twitter), acknowledged the breach and the ensuing community anxiety. He confirmed that the platform's treasury lacks sufficient funds to fully compensate for the stolen Bitcoin, thereby increasing apprehension regarding Odin.fun's future viability. However, he reassured users that the remaining funds on the platform are secure.

Following the incident, Odin.fun has engaged a leading cybersecurity firm to perform a comprehensive code audit. A delayed response, exceeding eight hours, was explained by Bodily as a necessity to confirm the details and take immediate steps to safeguard user assets. The company also reportedly initiated contact with exchanges, including OKX, as part of its recovery efforts. Bodily's statement emphasized the company’s commitment to resolving the situation and regaining user trust.