Bitcoin meme platform OdinFun hacked! 58.2 BTC stolen, loss over 7 million dollars.

On August 13, a significant security incident occurred involving the meme coin based on Bitcoin (BTC) and the trading platform OdinFun. On-chain data shows that hackers exploited a vulnerability in the platform's automated liquidity market-making (AMM) to steal 58.2 BTC, worth over 7 million dollars. Following the incident, OdinFun has urgently suspended trading and withdrawals and launched a comprehensive investigation. This incident not only triggered panic in the market but also brought the security of the meme coin sector back into focus.

Event Overview: BTC deposits plummeted nearly 20% within two hours

(Source: PeckShield)

Blockchain security company PeckShield pointed out that OdinFun's Bitcoin deposits plummeted from 291 BTC to 232.8 BTC in just two hours, resulting in a loss of approximately 58.2 BTC.

According to community user "web3xiaoba", the attacker manipulated the liquidity pool price by adding tokens such as SATOSHI, and then withdrew the BTC from the liquidity pool, implementing what is known as a "liquidity manipulation attack."

Attack Method Analysis: AMM Vulnerability as a Breakthrough

OdinFun co-founder Bob Bodily confirmed on X that the platform's automated liquidity market-making tool has a significant vulnerability that has been exploited by threat actors associated with Chinese entities.

During the attack, the hacker could directly withdraw BTC without providing equivalent paired assets, resulting in a rapid depletion of the liquidity pool. Bodily stated that the platform has obtained the wallet activity records of the attacker and has reported to U.S. law enforcement, while also cooperating with multiple CEX platforms and Chinese authorities to trace the flow of funds.

Official Response and Compensation Plan

Bodily stated eight hours after the incident: "We are still assessing the final loss amount, but the company's current funds are insufficient to fully cover the losses. The remaining funds are safe."

He added that the team is developing a specific compensation plan and will announce it as soon as it is finalized. At the same time, the platform has initiated a comprehensive security audit, which is expected to take one week to complete.

Community Reaction and Trust Crisis

The incident has caused a split in the OdinFun community. Some users sympathize with the platform's plight, believing it to be an external hacking attack; however, others question the platform's internal security management and even suspect the involvement of internal personnel.

Adding insult to injury, the platform token ODINDOG plummeted by about 40% after the news broke, with other tokens also affected. This brings to mind the account hacking incident that occurred in April 2025 with OdinFun, which similarly triggered large-scale capital outflows and withdrawal suspensions.

Meme Coin Security Insights: Concerns of the PumpFun Model

The operating model of OdinFun is similar to Solana's PumpFun and Tron's SunPump, relying on community participation, rapid token issuance, and liquidity supply. However, this high-frequency trading and automated liquidity mechanism, once there are vulnerabilities, will amplify the risk of capital loss.

Earlier this year, another meme coin issuance platform, FourMeme, also lost millions of dollars due to a security vulnerability, causing long-term damage to the brand. The OdinFun incident may serve as another wake-up call in the meme coin space.

Conclusion

The OdinFun hacking incident not only resulted in losses exceeding 7 million USD but also shook its reputation in the meme coin market. For crypto platforms that rely on community trust and liquidity, flaws in security mechanisms can lead to devastating consequences. In the coming week, the platform's security audit results and compensation plan will become the focus of market attention. Gate will continue to track the progress of the incident and provide users with the latest on-chain security and market analysis.