Bitcoin-based meme coin launchpad Odin.fun has lost approximately 58.2 BTC, valued at roughly $7 million, due to a liquidity manipulation attack. Following the exploit, which triggered significant price swings, the platform has paused operations and plans to re-open next week. Co-founder Bob Bodily confirmed that the company's treasury cannot cover the losses but reassured users that remaining funds are secure. The attack appears to involve malicious actors, predominantly linked to groups in China, prompting Odin.fun to engage a third-party security team for a thorough code audit, expected to take up to a week. Liquidity manipulation attacks, characterized by large amounts of crypto moved to disrupt trading, have become increasingly frequent in the DeFi space. Experts suggest platforms enhance security by implementing external price oracles and monitoring transactions in real time to mitigate such risks.

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