Bitcoin-based memecoin launchpad Odin.enjoyable has misplaced 58.2 BTC, price roughly $7 million, by way of an exploit.
The platform has paused operations, however says it is going to be again subsequent week
The exploit was what’s termed a “liquidity manipulation” assault, in line with third-party safety researchers
Bitcoin-based meme coin launchpad Odin.enjoyable has misplaced roughly 58.2 BTC, price roughly $7 million, by a liquidity exploit, in line with blockchain safety agency PeckShield.
The assault occurred by what’s usually known as a “liquidity manipulation” assault. They’re triggered when a foul actor strikes massive quantities of crypto or money in a approach that impairs buying and selling on the platform. Odin.enjoyable has at present paused its operations.
Bob Bodily, the challenge’s co-founder and CEO, confirmed in a submit on X that the corporate’s treasury isn’t large enough to cowl the losses, however mentioned that the remaining funds saved within the platform are secure.
Apologies for the delay in responding to at the moment’s occasion. We all know it’s been over 8 hours for the reason that exploit and our silence has possible been irritating for a lot of of you. We wished to talk sooner however wanted time to confirm the info and take speedy motion to guard person funds.…
— Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽♂️ (@BobBodily) August 13, 2025
The corporate says it has already engaged an unnamed third-party safety staff to carry out a full audit of its code, which may take “as much as every week.” As soon as full, Odin.enjoyable will reportedly resume operations.
The true id of the perpetrators just isn’t recognized, however the founder factors to a number of malicious customers, “primarily linked to teams in China,” including that its companions OKX and Binance are already speaking with Chinese language authorities concerning the incident.
Odin.enjoyable launched in January 2025 to permit customers to commerce Bitcoin Runes, a sort of fungible Bitcoin-based token broadly similar to BRC-20 tokens. Created by Casey Rodarmor in April 2024, additionally the creator of Bitcoin Ordinals, Bitcoin Runes permit individuals to create meme coin initiatives whereas leaving the Bitcoin blockchain.
The founder informed Decrypt in January 2025 the imaginative and prescient was for the platform to permit meme cash to be traded “on the velocity of sunshine.”
What’s a liquidity manipulation assault?
A liquidity assault is when a foul actor strikes massive quantities of cryptocurrency or money in a approach that reduces the convenience of buying and selling on a platform. Most of these assaults could cause value swings or power liquidations by leveraged merchants.
Within the current case of Odin.enjoyable, hackers used the platform’s automated market maker to artificially inflate the value of the meme coin SATOSHI•NAKAMOTO ($SATOSHI) and withdraw the liquidity in Bitcoin, in line with one Chinese language on-chain sleuth.
Liquidity manipulation-based assaults have continued to crop up through the years. In 2022, DeFi platform Mango Markets misplaced round $116 million to an analogous exploit. Ari Redbord, world head of coverage at blockchain safety analyst TRM Labs, informed Decrypt the current incident was all the way down to “a flaw launched throughout an automatic market maker (AMM) replace.”
He recommends that platforms shield themselves from a majority of these assaults by utilizing exterior value oracles, in addition to “setting deposit and slippage limits, monitoring transactions in actual time and absolutely auditing code earlier than deployment.”
Redbord informed Decrypt that liquidity manipulation incidents have grown lately with the rise of DeFi, as criminals “usually goal new or flippantly audited protocols tied to high-volatility buying and selling, exploiting hype and velocity to behave earlier than detection.”
Redbord mentioned meme coin platforms could be particularly weak to a majority of these exploits as many function with “shallow liquidity, concentrated token possession, rushed launches and skipped audits” which may make value manipulation simpler and permit the liquidity pool to be “drained in minutes.”
s0xToolman, a psuedo-anonymous analyst at DeFi auditing instrument Bubblemaps, remarked on the simplicity of the exploit which was used, saying “anybody having some information on DEX swimming pools would know this.” He informed Decrypt “there isn’t any excuse for the staff to not know this might occur.”
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