Odin.fun CEO blames breach on faulty AMM
The post Odin.fun CEO blames breach on faulty AMM appeared on BitcoinEthereumNews.com. Bob Bodily, the founder and CEO of Bitcoin-based memecoin launching and trading platform, Odin.fun, claims that its latest high-profile breach happened due to a faulty liquidity automated market maker (AMM) introduced in its latest update. Bodily claims that the flaw was exploited by groups operating primarily out of China to drain tens of Bitcoins from the platform. The hack, which was first reported by a member of the Odin.fun community, resulted in the theft of approximately 58.2 BTC, worth about $7 million at current prices, in less than two hours. In a post on X, Bodily confirmed that the company’s treasury is not large enough to fully cover the losses, which further intensified the community concerns about the platform’s future. “The remaining funds in the platform are safe,” Bodily wrote in the same post, adding that they have engaged the services of a top-tier security firm to conduct a full code audit. Odin.fun blames vulnerability on latest update According to Bodily, the breach came from a vulnerability in Odin.fun’s liquidity AMM, the mechanism that enables decentralized token swaps on the platform. The flaw, introduced in the latest update, allowed attackers to manipulate trades and withdraw BTC without equivalent paired assets. Apologies for the delay in responding to today’s event. We know it’s been over 8 hours since the exploit and our silence has likely been frustrating for many of you. We wanted to speak sooner but needed time to verify the facts and take immediate action to protect user funds.… — Bob Bodily, PhD
The post Odin.fun CEO blames breach on faulty AMM appeared on BitcoinEthereumNews.com.
Bob Bodily, the founder and CEO of Bitcoin-based memecoin launching and trading platform, Odin.fun, claims that its latest high-profile breach happened due to a faulty liquidity automated market maker (AMM) introduced in its latest update. Bodily claims that the flaw was exploited by groups operating primarily out of China to drain tens of Bitcoins from the platform. The hack, which was first reported by a member of the Odin.fun community, resulted in the theft of approximately 58.2 BTC, worth about $7 million at current prices, in less than two hours. In a post on X, Bodily confirmed that the company’s treasury is not large enough to fully cover the losses, which further intensified the community concerns about the platform’s future. “The remaining funds in the platform are safe,” Bodily wrote in the same post, adding that they have engaged the services of a top-tier security firm to conduct a full code audit. Odin.fun blames vulnerability on latest update According to Bodily, the breach came from a vulnerability in Odin.fun’s liquidity AMM, the mechanism that enables decentralized token swaps on the platform. The flaw, introduced in the latest update, allowed attackers to manipulate trades and withdraw BTC without equivalent paired assets. Apologies for the delay in responding to today’s event. We know it’s been over 8 hours since the exploit and our silence has likely been frustrating for many of you. We wanted to speak sooner but needed time to verify the facts and take immediate action to protect user funds.… — Bob Bodily, PhD
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