A significant crypto platform security breach forced the Bitcoin-based memecoin hub Odin.fun to abruptly halt all trading and withdrawals on April 14. The disruption followed the compromise of the CEO’s platform account, sending ripples of uncertainty through its user base.
CEO Bob Bodily confirmed the incident via an X post later that day, assuring users that the hack was contained to his Odin.fun account and did not compromise his personal Bitcoin holdings. He stated the platform took immediate action, pausing operations “to ensure this isn’t a broader issue.”
The team is currently investigating the security lapse. This event underscores the critical need for robust security measures, even beyond individual best crypto wallet practices, especially for centralized platform accounts managing digital assets.
News of the potential breach first emerged about an hour before the official announcement. A community member noted Bodily’s platform wallet appeared empty, sparking accusations that the CEO was selling off tokens and fueling market panic.
The security scare triggered substantial sell-offs across major memecoins launched on Odin.fun. Leading token ODINDOG plummeted 57.6% within 24 hours, while others like ODINAPE, SATOSHI, ODINGOLD, and ODINSTAS saw declines between 30% and 70%.
[Major memecoins on Odin.fun experienced sharp losses | Source: Odin.fun]
Launched just this past February by the creators of the Bioniq Ordinals marketplace, Odin.fun aimed to capitalize on the memecoin trend as a marketplace and launchpad for Runes. Runes represent a newer token standard enabling fungible token creation on the Bitcoin blockchain, similar to Ethereum’s ERC-20, potentially expanding Bitcoin’s utility in DeFi via Bitcoin Layer 2 solutions.
This incident mirrors other recent security challenges in the memecoin space. Last month, another launch platform, Four.Meme, suspended its services after an exploit resulted in losses exceeding $180,000, highlighting the persistent risks associated with emerging crypto ventures.