Odin.fun memecoins crash as platform suspends trading over security breach

Bitcoin-based memecoin platform Odin.fun halted all trading and withdrawals on April 14 after CEO Bob Bodily revealed his account had been compromised.

In an April 14 X post, Bodily alerted his 48.2k followers that his Odin.fun account had been hacked, clarifying that the breach was limited to his account on the platform and “didn’t affect” his Bitcoin wallet.

He said the team had paused trading and withdrawals “to ensure this isn’t a broader issue” and was actively investigating the incident.

Initial reports of the incident surfaced nearly an hour earlier on the same day, with one community member, ‘Cai, ’ flagging that all tokens in Bodily’s Odin.fun wallet had been cleared. The post, which quickly gained traction, linked to the wallet address and accused the CEO of dumping holdings, triggering panic among traders.

A number of the top memecoins launched on Odin.fun corrected sharply after reports on the incident emerged.

Its flagship memecoin, ODINDOG, was down 57.6% over the past day, while others like ODINAPE, SATOSHI, ODINGOLD and ODINSTAS had seen losses ranging between 30-70%.

crypto.news reached out to Bodily for comments but had not heard back as of press time.

Launched in February this year by the team behind the Ordinals marketplace Bioniq, Odin.fun was created as a Runes marketplace and launchpad while drawing inspiration from the hype surrounding Solana’s Pump.fun and Tron’s Sun Pump.

For the uninitiated, Runes are a Bitcoin-based token standard designed to enable the creation of fungible tokens on the Bitcoin network, similar to ERC-20 tokens on Ethereum.

In related news, last month, Memecoin launch platform Four.Meme had to suspend its token launch feature after suffering an exploit that led to over $180k in losses.