- Odin.Fun halted operations after a hack on co-founder Bob Bodily’s account led to a major $ODINDOG price drop despite partial recovery.
- The attack struck just after Odin.Fun hit 1,000 BTC in volume, highlighting the risks facing fast-growing Bitcoin-based platforms.
- Despite the breach, Odin.Fun’s backing from Taproot Wizards and its Internet Computer-powered tech may help restore community trust.
Bob Bodily, co-founder of Bitcoin trading platform Odin.Fun, has confirmed that trading and withdrawals have been paused. This decision follows a security breach that compromised his personal account. Hackers managed to liquidate all his assets on the platform. The Odin.Fun team is actively investigating the breach to prevent further damage.
Consequently, the market responded swiftly. The platform’s native token, $ODINDOG, crashed over 50% within hours. However, after falling 8.14% over the course of a day, it somewhat recovered and is currently trading at $0.18082. The neighborhood is still on guard, and mistrust about the attack’s extent and its repercussions is only increasing.
Rapid Growth Cut Short
Just days before the hack, Odin.Fun had celebrated a major milestone—1,000 BTC in total volume. This achievement positioned $ODINDOG as the second top Bitcoin token by volume of all time. The momentum drew attention from leading Bitcoin developers and investors, particularly those exploring the booming memecoin.
Besides, Odin.Fun’s protocol offers full lifecycle support for Bitcoin-based memecoins, from creation to trading. This all-in-one structure made it a standout in the Ordinals and Runes ecosystem. However, the hack has put its rapid rise under pressure.
Strategic Backing and Future Outlook
Moreover, Taproot Wizards, the largest Ordinals project, last month led a strategic investment round in Odin.Fun. Co-founder Udi Wertheimer stressed that this was a rare move for the group. The decision reflects strong belief in Odin.Fun’s potential to expand the Bitcoin app ecosystem.
Additionally, the platform’s architecture cleverly merges Dfinity’s Internet Computer with the Bitcoin Runes protocol. It uses a dedicated appchain named Valhalla to enhance speed and contract functionality. This enables seamless token launches and trades, all through standard Bitcoin wallets. Hence, users remain unaware of the backend infrastructure powered by Internet Computer.
This incident adds to a growing list of high-profile crypto hacks in 2025. Bybit lost $1.5 billion earlier this year but managed to fully recover. Its transparency became a case study in crisis handling. If Odin.Fun adopts a similar approach, it could regain trust swiftly.
