ODINDOG Plunges 57% to All-Time Low After Co-Founder Hack

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

Following the incident, Odin’s Dog (ODINDOG), a meme coin native to the platform, saw its price crash by over 55% in the last six hours.

The Hack and Immediate Fallout

The chaos began early Monday when Bodily took to X to report that his personal Odin.fun account had been compromised. “My ODIN•FUN account was hacked,” the Bitcoin educator wrote. “Working on it. More info as soon as I can,” he added.

When a user asked him to clarify the extent of the breach, he responded, “Just ODIN•FUN account that I can see so far.”

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

PeckShield, a well-regarded blockchain security tracker, added fuel to the fire, reporting through its X account that Bodily’s wallet, labeled as the Odin.fun deployer, had liquidated its entire ODINDOG position worth more than $178,000.

This liquidation seems to have intensified market panic even more, leading to further selloff. As of this writing, the meme coin is down 57.6% in 24 hours and is currently trading at $0.1808, per Odin.fun. On CoinGecko, the token has plummeted from a 24-hour high of $0.3309 to a new all-time low of $0.1894, an 89.3% drop from its all-time high of $1.78 recorded last month.

Recurring Security Crisis

The crypto community was quick to react, with some expressing sympathy and others skepticism. Additionally, a number raised questions about Odin.fun’s broader security, with one user stating, “Funds SAFETY is the key question now,” echoing concerns from users and investors waiting for a clear explanation regarding the status of their assets on the platform.

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, but on a much smaller scale, losing $4.9 million to an attacker who later ironically claimed to have lost the stolen funds in a phishing scam.