The Bitcoin-based memecoin platform Odin.fun suspended all trading and withdrawals on April 14 after CEO Bob Bodily announced that his account had been breached.
He stated that the team had halted trading and withdrawals “to confirm that this isn’t a widespread issue” and was actively looking into the situation.
Reports of the incident began surfacing nearly an hour earlier, with a community member named ‘Cai’ raising the alarm, showing that all tokens in Bodily’s Odin.fun wallet had been liquidated. The post quickly gained traction, connecting to the wallet address and accusing the CEO of selling off his assets, which sparked panic among traders.
As news of the incident emerged, several leading memecoins launched on Odin.fun experienced significant declines.
The platform’s flagship memecoin, ODINDOG, saw a drop of 57.6% within the last day, while others like ODINAPE, SATOSHI, ODINGOLD, and ODINSTAS registered losses ranging from 30-70%.
No response was received from Bodily when attempts were made for comments at the time of reporting.
Odin.fun was launched in February of this year by the same team behind the Ordinals marketplace Bioniq. It was designed to serve as a Runes marketplace and launchpad, drawing inspiration from the buzz around Solana’s Pump.fun and Tron’s Sun Pump.
For those unfamiliar, Runes are a Bitcoin-based token standard that allows for the creation of fungible tokens on the Bitcoin network, similar to ERC-20 tokens on Ethereum.
In related developments, last month, the memecoin launch platform Four.Meme had to suspend its token launch feature after suffering an exploit that resulted in over $180k in losses.