Odin.Fun Suspends Operations After Co-Founder's Account Compromise and $178,000 Liquidation Incident

Bob Bodily, one of the co-founders behind the Bitcoin trading platform, has indicated that trading and withdrawals are on hold due to a hacking compromise of his personal account. The team is diligently investigating to minimize any further exposure to risk. Odin.Fun Earlier, a blockchain security firm reported a significant drop in the price of ODINDOG, a token within the Bitcoin ecosystem, which experienced a staggering 50% decline within a 24-hour period. Concurrently, the wallet linked to platform creator Bob Bodily liquidated its total holdings amounting to around $178,700 on the platform.

— PeckShieldAlert (@PeckShieldAlert) PeckShield In his statement, Bob Bodily reassured that the breach seems to be confined solely to his account on Odin.Fun and has not impacted his Bitcoin wallet up to this moment.

Odin.Fun, as per its website, presents itself as a high-speed trading venue tailored for Bitcoin-based tokens, having made its debut in March. The platform allows users to swiftly create tokens while enabling fast trading through a bonding curve similar to pump.fun. It also has an automated market maker (AMM) integrated, which facilitates almost instant liquidity deposits and withdrawals, with real-time transaction updates.

The platform operates atop a custom Bitcoin layer dubbed 'Valhalla.' This advanced infrastructure assures two-second transaction finality, supports decentralized Bitcoin deposits and withdrawals via threshold signature schemes (TSS), and completely removes traditional gas fees. To start using the platform, users simply log in with a Bitcoin wallet, deposit BTC, and can begin trading after just one confirmation.

What Is Odin.Fun?

Odin.Fun has its sights set on Bitcoin-based memecoins—tokens that are developed and traded on the Bitcoin network. Currently, the platform backs the Runes protocol and aims to broaden its support for additional token standards in the near future.

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Alisa, an enthusiastic reporter at Cryptocurrencylistings, has a keen focus on cryptocurrency, zero-knowledge proofs, investments, and the vast universe of Web3. With her sharp awareness of emerging trends and technologies, she provides in-depth coverage aimed at educating and captivating readers amid the constantly shifting digital finance landscape.