Security Breach Causes Odin.Fun Memecoins to Plummet and Halts Trading on Platform
The Bitcoin-centric memecoin platform Odin.fun suspended all trading and withdrawals on April 14 following revelations from CEO Bob Bodily that his account had been hacked.
In a X post on April 14, Bodily informed his 48.2k followers that his Odin.fun account had been compromised, clarifying that the breach was confined to his platform account and “did not impact” his Bitcoin wallet.
Bodily stated that the team had halted trading and withdrawals “to ensure this isn’t a broader issue” while actively probing the incident.
Reports of the breach began circulating nearly an hour beforehand, when a community member, ‘Cai,’ highlighted that all tokens in Bodily’s Odin.fun wallet had been drained. This alert quickly gained traction, linking to the wallet address and accusing the CEO of liquidating his assets, which triggered panic among traders.
Many of the top memecoins launched on Odin.fun experienced sharp corrections following the incident.
Its leading memecoin, ODINDOG, plummeted by 57.6% over the previous day, while other tokens like ODINAPE, SATOSHI, ODINGOLD, and ODINSTAS faced losses ranging from 30% to 70%.
Crypto.news attempted to contact Bodily for comments but had not received a response by press time.
Founded in February this year by the creators of the Ordinals marketplace Bioniq, Odin.fun was designed as a Runes marketplace and launchpad, being inspired by the excitement surrounding Solana’s Pump.fun and Tron’s Sun Pump.
For those unfamiliar, Runes are a Bitcoin-based token standard intended to allow the creation of fungible tokens on the Bitcoin network, akin to ERC-20 tokens on Ethereum.
In related developments, last month, the memecoin launch platform Four.Meme had to suspend its token launch feature due to an exploit that resulted in losses exceeding $180k.
