Odin.fun Suspends Trading Due to CEO Account Hack
On April 14, the Bitcoin-based memecoin platform Odin.fun stopped all trading and withdrawals. The reason? CEO Bob Bodily announced his account had been hacked.
In a post on X, Bodily informed his 48.2k followers about the breach. He clarified that only his odin.fun account was compromised, not his Bitcoin wallet. The team paused operations to prevent a wider issue and is investigating.
Earlier that day, a community member named ‘Cai’ noticed all tokens in Bodily’s Odin.fun wallet were gone. This sparked panic among traders, who accused the CEO of selling off his holdings.
As an inevitable result, Odin.fun’s top memecoins took a hit. ODINDOG fell by 57.6%, while others like ODINAPE, SATOSHI, ODINGOLD, and ODINSTAS lost between 30-70%. Odin.fun was launched in February by the team behind Bioniq, an Ordinals marketplace.
Runes, a Bitcoin-based token standard, inspired Odin.fun.It allows creating fungible tokens on the Bitcoin network, similar to Ethereum’s ERC-20 tokens.
Recently, another memecoin platform, Four.Meme, faced a similar issue.They had to suspend their token launch feature after losing over $180k due to an exploit.
