A Bitcoin-based meme-coin launchpad, ODIN•FUN has fallen victim to a sophisticated price manipulation exploit, resulting in the drainage of <b>$7 million worth of Bitcoin (BTC)</b>. The cybersecurity firm PeckShield reported that malicious actors executed the attack by depositing the Satoshi Nakamoto (SATOSHI) meme token into a liquidity pool. They then artificially inflated the token's price, tricking the pool into believing the tokens held a high value.
<h2>How the Exploit Unfolded</h2>
[embed]https://twitter.com/PeckShieldAlert/status/1955457951558406332[/embed]

After successfully pumping the price of the SATOSHI token, the attackers withdrew the liquidity, which allowed them to receive $7 million in BTC from the pool. The exploit left other users unable to withdraw their assets. In response to the attack, ODIN•FUN immediately halted AMM trading to prevent any further incidents. The company's CEO and co-founder, Bob Bodily, has confirmed that a security and auditing team has been engaged to conduct a full code audit, a process expected to take up to a week. The platform has also taken proactive measures by contacting law enforcement and major exchanges, including <a href="https://www.cryptoknowmics.com/news/binance-ceo-richard-teng-highlights-280-million-users-as-exchange-nears-eighth-anniversary/">Binance</a>.
<h3>Platform Responds and Pursues Legal Action</h3>
[embed]https://twitter.com/BobBodily/status/1955477887701881007[/embed]

ODIN•FUN has stated that it plans to prosecute several China-based groups that are believed to have profited from the exploit. This decisive action underscores the platform's commitment to holding the attackers accountable and recovering the stolen funds. The company's response highlights the ongoing security challenges within the meme-coin and decentralized finance (DeFi) space, as bad actors continue to find new ways to exploit vulnerabilities for financial gain.

$7 Million in Bitcoin Drained in Satoshi Token Exploit

A Bitcoin-based meme-coin launchpad lost $7M in BTC after a price manipulation exploit involving the Satoshi Nakamoto token.

$7 Million in Bitcoin Drained in Satoshi Token Exploit

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