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

Bob Bodily, co-founder of the Bitcoin-based buying and selling platform Odin.enjoyable, has revealed {that a} suspected hack compromised his account on the web site, triggering a halt in buying and selling and withdrawals.

Following the incident, Odin’s Canine (ODINDOG), a meme coin native to the platform, noticed its worth crash by over 55% within the final six hours.

The Hack and Speedy Fallout

The chaos started early Monday when Bodily took to X to report that his private Odin.enjoyable account had been compromised. “My ODIN•FUN account was hacked,” the Bitcoin educator wrote. “Engaged on it. Extra data as quickly as I can,” he added.

When a person requested him to make clear the extent of the breach, he responded, “Simply ODIN•FUN account that I can see up to now.”

Nevertheless, fears shortly escalated because the platform paused all buying and selling and withdrawals, a transfer much like these of different platforms which were focused by hacks prior to now.

PeckShield, a well-regarded blockchain safety tracker, added gas to the hearth, reporting by its X account that Bodily’s pockets, labeled because the Odin.enjoyable deployer, had liquidated its complete ODINDOG place price greater than $178,000.

This liquidation appears to have intensified market panic much more, resulting in additional selloff. As of this writing, the meme coin is down 57.6% in 24 hours and is at the moment buying and selling at $0.1808, per Odin.enjoyable. On CoinGecko, the token has plummeted from a 24-hour excessive of $0.3309 to a brand new all-time low of $0.1894, an 89.3% drop from its all-time excessive of $1.78 recorded final month.

Recurring Safety Disaster

The crypto group was fast to react, with some expressing sympathy and others skepticism. Moreover, a quantity raised questions on Odin.enjoyable’s broader safety, with one person stating, “Funds SAFETY is the important thing query now,” echoing issues from customers and traders ready for a transparent clarification concerning the standing of their belongings on the platform.

The incident is just not remoted, coming virtually two months after the crypto trade witnessed the biggest heist in its historical past when Bybit suffered a $1.4 billion hack attributed to the infamous North Korea-linked felony group Lazarus Group.

Elsewhere, lending protocol zkLend was additionally exploited, however on a a lot smaller scale, shedding $4.9 million to an attacker who later satirically claimed to have lost the stolen funds in a phishing rip-off.