The Bitcoin-based platform Odin.fun continues to work on recovery after a hack that resulted in a loss of $7 million. CEO Bob Bodily shared information on the team's progress and conditions for resuming trading.
Issues with Frozen Funds and Investigation
Bodily confirmed that funds have been frozen across various centralized exchanges and tokens. Odin.fun is working with authorities to track individuals involved in the exploit and to recover user assets. The project is also partnering with undisclosed firms to ensure that user deposits are backed 1:1 upon resuming trading.
Odin.fun Security Audit Nears Completion
A comprehensive security audit is a focus of the recovery process. Bodily stated the team was 'really close to finishing audit fixes,' and the updated code will be resubmitted to the auditor. The final report will be made public ahead of any trading resumption.
Promise to Return Stronger
Despite the prolonged freeze, the Odin.fun community remains supportive. Bodily praised creators, developers, and users across various crypto ecosystems who have offered help. He expressed confidence that the project will return stronger than ever.
The situation surrounding Odin.fun highlights the interest in innovation in decentralized finance alongside persistent risks faced by emerging protocols. Further developments are expected as the platform works toward recovery.
