- Tracking down stolen BTC
- Other similar incidents
According to cybersecurity firm PeckShield, a total of $7 million worth of Bitcoin (BTC) was recently drained from Bitcoin-based meme-coin launchpad ODIN•FUN.
The bad actors deposited the Satoshi Nakamoto (SATOSHI) meme token into a liquidity pool. After this, they artificially inflated the price of the token.
The liquidity was then removed after the bad actors pumped the price of SATOSHI.
They received a total of $7 million worth of BTC since the pool believed that the tokens in question were actually valuable.
After the pool was drained of funds, other users obviously could not withdraw their assets.
Tracking down stolen BTC
ODIN•FUN has stopped AMM trading in order to prevent other incidents. The project is currently engaging with
“We have already engaged a top-tier security/auditing team to perform a full audit of our code, which could take up to a week. Once complete, ODIN•FUN will resume operations,” ODIN•FUN CEO and co-founder Bob Bodily said.
In addition, ODIN•FUN has contacted law enforcement as well as major exchanges, including Binance.
The platform claims that several China-based groups have already profited from the exploit, and they will be prosecuted.
“You have a short window to return the funds before it is too late. This is not a negotiation,”
Other similar incidents
Such attacks are not exactly rare. For instance, back in April, an attacker famously manipulated the price of the Inverse Finance (INV) token on SushiSwap. The attacker borrowed nearly $16 million with overvalued INV collateral.
In 2023, Polygon-based 0VIX lending platform lost roughly $2 million after the attacker artificially inflated the price of the vGHST token and used it as collateral.
In early 2025, Venus Protocol suffered $700,000 in losses following a significant “donation attack.” The attacker used extremely overvalued wUSDM stablecoin tokens as collateral.
Finally, Cetus Protocol, one of the leading decentralized exchanges on the Sui blockchain, recently suffered a catastrophic $250 million exploit due to a library overflow bug.
