- Monitoring down stolen BTC
- Different comparable incidents
In response to cybersecurity agency PeckShield, a complete of $7 million price of Bitcoin (BTC) was just lately drained from Bitcoin-based meme-coin launchpad ODIN•FUN.
The unhealthy actors deposited the Satoshi Nakamoto (SATOSHI) meme token right into a liquidity pool. After this, they artificially inflated the worth of the token.
The liquidity was then eliminated after the unhealthy actors pumped the worth of SATOSHI.
They obtained a complete of $7 million price of BTC because the pool believed that the tokens in query had been truly precious.
After the pool was drained of funds, different customers clearly couldn’t withdraw their property.
Monitoring down stolen BTC
ODIN•FUN has stopped AMM buying and selling in an effort to forestall different incidents. The challenge is at present participating with
“We have now already engaged a top-tier safety/auditing workforce to carry out a full audit of our code, which may take as much as every week. As soon as full, ODIN•FUN will resume operations,” ODIN•FUN CEO and co-founder Bob Bodily stated.
You Would possibly Additionally Like
As well as, ODIN•FUN has contacted regulation enforcement in addition to main exchanges, together with Binance.
The platform claims that a number of China-based teams have already profited from the exploit, and they are going to be prosecuted.
“You’ve a brief window to return the funds earlier than it’s too late. This isn’t a negotiation,”
Different comparable incidents
Such assaults aren’t precisely uncommon. As an illustration, again in April, an attacker famously manipulated the worth of the Inverse Finance (INV) token on SushiSwap. The attacker borrowed almost $16 million with overvalued INV collateral.
In 2023, Polygon-based 0VIX lending platform misplaced roughly $2 million after the attacker artificially inflated the worth of the vGHST token and used it as collateral.
In early 2025, Venus Protocol suffered $700,000 in losses following a vital “donation assault.” The attacker used extraordinarily overvalued wUSDM stablecoin tokens as collateral.
Lastly, Cetus Protocol, one of many main decentralized exchanges on the Sui blockchain, just lately suffered a catastrophic $250 million exploit attributable to a library overflow bug.