The post $7M Crypto Hack Hits Bitcoin DeFi Project ODIN•FUN appeared first on Coinpedia Fintech News
Crypto’s meme-coin frenzy took another dark turn after ODIN•FUN, a Bitcoin-based meme-coin launchpad, was hit by a $7 million exploit. The attackers pulled off a classic price manipulation stunt with the Satoshi Nakamoto (SATOSHI) token, leaving traders locked out of their funds and the project scrambling to contain the damage.
How the Exploit Unfolded
Cybersecurity firm PeckShield revealed that the attackers deposited SATOSHI tokens into a liquidity pool and then artificially pumped the token’s price. Once the value skyrocketed, they yanked the liquidity, walking away with $7 million worth of Bitcoin. Since the liquidity pool assumed the tokens were genuinely valuable, it released the BTC, and once the attackers drained it, other users found themselves unable to withdraw their own funds.
ODIN•FUN’s Response
ODIN•FUN quickly halted its automated market maker (
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