The ODIN•FUN platform, associated with meme tokens, fell victim to an attack resulting in the theft of $7 million in Bitcoin. The incident has led to a trading halt and a security audit.
SATOSHI Token Manipulation Scheme
According to cybersecurity firm PeckShield, a $7 million exploit was executed on the ODIN•FUN platform involving SATOSHI meme tokens. Attackers added SATOSHI tokens to a liquidity pool, artificially inflating their price before extracting the liquidity. This tricked the pool into believing the tokens were valuable, allowing attackers to withdraw their funds, rendering other users unable to access their assets.
Trading Halted and Security Audit Initiated
Following the breach, ODIN•FUN suspended automated market maker (AMM) trading to prevent further losses. The platform has engaged a leading security and auditing firm to conduct a thorough review of the code, estimated to take up to a week. Bob Bodily, CEO and co-founder of ODIN•FUN, announced that the company would reopen once the audit is complete and mentioned involving law enforcement and major exchanges like Binance to assist in tracking the stolen funds.
Investigation into China-Based Groups
ODIN•FUN alleges that several China-based groups have already profited from the exploit and will face prosecution. The platform issued a warning to the perpetrators, urging them to return the stolen Bitcoin. Earlier this year, other DeFi platforms suffered similar price manipulation attacks. In April, Inverse Finance lost $16 million due to overvalued INV collateral on SushiSwap, and the polygon-based 0VIX was targeted by a vGHST token price pump, costing it $2 million.
The incident with ODIN•FUN highlights the vulnerability of decentralized finance ecosystems, especially those reliant on token valuation for liquidity and collateral. With trading paused and a full investigation underway, the platform aims to strengthen security and recover the stolen funds.
