Token

Bitcoin

Cetus Protocol

Inverse Finance

<ul>
 <li>Hackers drained $7M in Bitcoin through SATOSHI token manipulation.</li>
 <li>ODIN•FUN halts trading as full security audit is launched.</li>
 <li>China-based groups accused of profiting from multimillion-dollar crypto exploit.</li>
</ul>
According to cybersecurity firm PeckShield, Bitcoin-based meme-coin launchpad <a href="https://x.com/PeckShieldAlert/status/1955457951558406332" target="_blank" rel="noopener noreferrer nofollow">ODIN•FUN has been hit by a $7 million exploit</a> 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. 
<h2 id="strong-trading-halted-as-security-audit-begins-strong">Trading Halted as Security Audit Begins</h2>
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. 
Also Read: <a href="https://36crypto.com/sec-leaders-call-for-clear-crypto-rules-following-resolution-of-ripple-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">SEC Leaders Call for Clear Crypto Rules Following Resolution of Ripple Lawsuit</a> 
Bob Bodily, CEO and co-founder of ODIN•FUN, <a href="https://x.com/BobBodily/status/1955477887701881007" target="_blank" rel="noopener noreferrer nofollow">announced that the company will reopen</a> 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. 
<h2 id="strong-china-based-groups-under-investigation-strong">China-Based Groups Under Investigation</h2>
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. 
<h2 id="strong-a-pattern-of-price-manipulation-exploits-strong">A Pattern of Price Manipulation Exploits</h2>
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. 
Also Read: <a href="https://36crypto.com/xrp-could-realistically-hit-34-this-bull-cycle/" target="_blank" rel="noopener noreferrer nofollow">XRP Could Realistically Hit $34 This Bull Cycle</a> 
The post <a rel="noopener noreferrer nofollow" href="https://36crypto.com/7m-bitcoin-heist-odinfun-hit-by-satoshi-token-price-pump-and-dump/">$7M Bitcoin Heist: ODIN•FUN Hit by SATOSHI Token Price Pump-and-Dump</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://36crypto.com">36Crypto</a>.

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

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