$7M Bitcoin Heist: ODIN•FUN Hit by SATOSHI Token Price Pump-and-Dump

• Hackers drained $7M in Bitcoin through SATOSHI token manipulation.
• ODIN•FUN halts trading as full security audit is launched.
• China-based groups accused of profiting from multimillion-dollar crypto exploit.

According to cybersecurity firm PeckShield, Bitcoin-based meme-coin launchpad ODIN•FUN has been hit by a $7 million exploit involving the SATOSHI meme token. In a pump and dump scheme, attackers added SATOSHI tokens to a liquidity pool, artificially raising the price, and subsequently withdrawing the liquidity.

The manipulation tricked the pool into believing the tokens were valuable, allowing the attackers to withdraw $7 million worth of Bitcoin. After the liquidity was sucked out, other users could not access their assets.

Trading Halted as Security Audit Begins

Following the breach, ODIN•FUN suspended automated market maker (AMM) trading to prevent further losses. To ensure the project’s security, the project has employed the services of a leading security and auditing company to review the code fully, which is likely to take a maximum of one week.

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Bob Bodily, CEO and co-founder of ODIN•FUN, announced that the company will reopen once the audit is over. He reassured that the team has involved law enforcement and contacted large exchanges, such as Binance, to assist in tracking the stolen funds.

China-Based Groups Under Investigation

ODIN•FUN alleges that several China-based groups have already profited from the exploit and will face prosecution. The platform issued a warning to the perpetrators, urging them to return the stolen Bitcoin immediately.

Other DeFi platforms have been the victims of similar price manipulation attacks. In April, Inverse Finance lost $16M due to overvalued INV collateral on SushiSwap. In 2023, polygon-based 0VIX was downed by a vGHST token price pump to the tune of 2 million dollars.

A Pattern of Price Manipulation Exploits

Earlier this year, Venus Protocol lost $700,000 in a donation attack using overvalued wUSDM tokens. Most recently, a library overflow bug exploited the Cetus Protocol on the Sui blockchain, causing $250 million in damage.

These incidents indicate that decentralized finance remains vulnerable, particularly to systems dependent on token valuation as a source of liquidity and collateral. The ODIN•FUN pump-and-dump attack is another high-value DeFi exploit.

With trading paused and a full investigation underway, the platform is working to tighten security and recover the stolen Bitcoin.

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