Odin.fun Launchpad Loses 58.2 BTC in $7M AMM Exploit
Odin.fun, a Bitcoin-based memecoin launchpad, suffered a major AMM exploit on August 13, 2025. Attackers injected a bogus SATOSHI token alongside BTC into the platform’s liquidity pools to artificially inflate prices. They then drained 58.2 BTC (≈$7M), reducing reserves from 291 to 232.8 BTC within two hours.
PeckShield first detected the breach, and co-founder Bob Bodily confirmed the AMM vulnerability. Odin.fun has since frozen suspect accounts, secured remaining funds, and engaged U.S. and Chinese authorities, OKX, and Binance to trace the hacker. The platform plans a full security audit within a week.
Odin.fun will offer user compensation, although its treasury may not fully cover all losses. The incident highlights the risk of shallow liquidity pools and AMM vulnerabilities in DeFi.
Bearish
The hack of Odin.fun’s AMM liquidity pools results in a direct 58.2 BTC drain and highlights critical vulnerabilities in memecoin platforms. Such high-profile exploits typically undermine trader confidence and trigger a sell-off in Bitcoin due to perceived systemic risks. In the short term, market participants may reduce BTC exposure and re-evaluate DeFi engagements. Long-term effects include increased due diligence on AMM projects and potential regulatory scrutiny, but fundamental demand for Bitcoin remains intact. Overall, the news is bearish for BTC as it may dampen market sentiment and liquidity.