Odin.fun Halt Trading and Withdrawals After Suspected Hack

Background

Bob Bodily, co-founder of the Bitcoin-based trading platform Odin.fun, has revealed that his account was compromised in a suspected hack, leading to a halt in trading and withdrawals.

The Hack and Immediate Fallout

On Monday, Bodily reported on X that his personal Odin.fun account had been hacked, stating that he was working on resolving the issue and would provide more information as soon as possible.

In response to a user’s inquiry about the extent of the breach, Bodily clarified that only his ODIN•FUN account appeared to be affected.

However, the platform quickly halted all trading and withdrawals, a move similar to those of other platforms that have been targeted by hacks in the past.

PeckShield Alerts and Market Panic

PeckShield, a blockchain security tracker, later reported that Bodily’s wallet, labeled as the Odin.fun deployer, had liquidated its entire ODINDOG position worth over $178,000.

This liquidation seemed to intensify market panic, leading to further selloff. The meme coin, ODINDOG, saw its price crash by over 55% in the last six hours and is currently trading at $0.1808 on Odin.fun.

Recurring Security Crisis

The crypto community was quick to react, with some expressing sympathy and others skepticism. Many raised questions about Odin.fun’s broader security, with one user stating, “Funds SAFETY is the key question now.”

The incident is not isolated, coming almost two months after the crypto industry witnessed the largest heist in its history when Bybit suffered a $1.4 billion hack attributed to the notorious North Korea-linked criminal organization Lazarus Group.

Elsewhere, lending protocol zkLend was also exploited, losing $4.9 million to an attacker who later claimed to have lost the stolen funds in a phishing scam.

Conclusion

The suspected hack on Odin.fun highlights the ongoing security concerns within the crypto industry. As the industry continues to grow and evolve, it is essential for platforms to prioritize security and transparency to maintain user trust.

FAQs

Q: What is the extent of the breach?

A: According to Bob Bodily, only his personal ODIN•FUN account appears to be affected.

Q: What measures has Odin.fun taken to address the issue?

A: The platform has halted all trading and withdrawals, pending further investigation and resolution.

Q: How does this incident impact the broader crypto industry?

A: The suspected hack highlights the ongoing security concerns within the crypto industry, emphasizing the need for platforms to prioritize security and transparency to maintain user trust.

Q: Have there been similar incidents in the past?

A: Yes, the crypto industry has witnessed several high-profile hacks in recent years, including the largest heist in its history when Bybit suffered a $1.4 billion hack attributed to the notorious North Korea-linked criminal organization Lazarus Group.

Q: What is the current status of ODINDOG’s price?

A: As of this writing, ODINDOG’s price has crashed by over 55% in the last six hours and is currently trading at $0.1808 on Odin.fun.