The meme-coin platform Odin.fun, based on the first cryptocurrency network, has suffered a loss of 58.2 BTC (approximately $7 million) due to a hack, according to analytics firm PeckShield.
#PeckShieldAlert An @Odin_GodOfRunes community member reported that 58.2 $BTC (worth ~$7M) were drained from the platform.
— Hackers added liquidity (e.g., via $SATOSHI)
— Artificially inflated the token price
— Removed liquidity to receive BTC returnsAttacker Addresses:
-… pic.twitter.com/igSZZujB1I— PeckShieldAlert (@PeckShieldAlert) August 13, 2025
A user known as web3xiaoba explained that the attackers employed a collateral manipulation attack.
odinfun平台@Odin_GodOfRunes 疑似出了漏洞，不到2个小时存款从291个BTC骤降至232.8个BTC，少了整整58.2个BTC。昨天还在欢呼新UI上线，今天就成了黑客提款机，币圈就是这么神奇的地方吗？… pic.twitter.com/FC9jro8vcb
— 小巴 (@web3xiaoba) August 12, 2025
They added tokens to artificially inflate prices and then withdrew their liquidity, receiving the first cryptocurrency in return. In less than two hours, the platform’s Bitcoin deposits fell from 291 BTC to 232.8 BTC.
Project co-founder Bob Bodily confirmed the incident.
Apologies for the delay in responding to today’s event. We know it’s been over 8 hours since the exploit and our silence has likely been frustrating for many of you. We wanted to speak sooner but needed time to verify the facts and take immediate action to protect user funds.…
— Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽♂️ (@BobBodily) August 13, 2025
He noted that the company’s treasury funds are insufficient to cover all losses, but the remaining assets on the platform are secure.
Bodily clarified that the attackers exploited a vulnerability in the automated market maker tool. He stated that groups linked to China were involved in the hack. The team is working on a compensation plan for affected users and has engaged specialists for a full security audit, which may take up to a week.
The project has contacted U.S. law enforcement. Odin.fun is also collaborating with exchanges OKX and Binance, which have involved Chinese authorities in the investigation.
In an address to the hackers, Bodily issued an ultimatum.
“You have a short window of time to return the funds before it’s too late. This is not a negotiation. You have one chance to limit the consequences and avoid prosecution. Most of you have already been identified, and we will devote as much time and resources as necessary to recover the stolen assets,” he wrote.
As reported in recent findings, cybercriminals have accelerated the pace of laundering crypto assets. The record transfer speed was 4 seconds.