- Odin.fun suspended trading after CEO Bob Bodily reported his account was hacked, though his Bitcoin wallet remained unaffected.
- The breach triggered widespread panic, causing ODINDOG and other memecoins on Odin.fun to crash between 30% and 70%.
- Launched in February as a Runes marketplace, Odin.fun’s incident follows broader security concerns across memecoin launch platforms.
Bob Bodily, the CEO of the Bitcoin-based memecoin platform Odin.fun, has announced that his account had been compromised, suspending all trading and withdrawals and subsequent arrests.
Bodily shared a post on X on April 14 that his Odin.fun account had been hacked. According to him, the breach to his Odin.fun account had zero impact on his Bitcoin wallet.
Odin.fun Suspends Trading to Investigate Security Breach
Bodily explained that trading and withdrawals were halted ‘to make sure this doesn’t escalate into a broader issue’ before suggesting the team is investigating.
Almost an hour before the incident, Cai, a community member, alerted the team with the message. In the tweet, Cai said that the tokens in Bodily’s Odin wallet were removed and linked to the address to accuse the CEO of selling his holdings. The community itself quickly picked up the post and induced panic among traders.
Following the hack reports, many of the top memecoins launched on Odin.fun were hit by sharp corrections.
The platform’s flagship meme coin, ODINDOG, saw its price fall by 57.6% in the past 24 hours. At the same time, numerous other tokens, such as ODINAPE, SATOSHI, ODINGOLD, and ODINSTAS, suffered losses of 30% to 70%.
Memecoin Launch Platforms Face Growing Security Challenges
A product of the team behind Solana’s Ordinals marketplace BIONIQ, Odin was launched in February as a Runes marketplace and launchpad, riding on the hype behind the Pump.fun boom on Solana and Sun Pump on Tron.
Runes is a Bitcoin-based token standard that allows fungible tokens to be created on the Bitcoin network, similar to how ERC 20 tokens can be created on Ethereum.
In a related development, the memecoin launched platform Four.Meme also faced security challenges last month. The platform suspended its token launch feature after an exploit resulted in losses exceeding $180,000.
