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About Odin.Fun
Odin.Fun is a Bitcoin-based Runes token trading platform that offers token creation, fast buying/selling, and liquidity pools. It leverages Internet Computer Protocol (ICP) chain abstraction to let users trade directly with Bitcoin wallets, achieving ~2-second confirmations and zero gas fees. Assets are secured via threshold signature (TSS) schemes, with a Bonding Curve launch pool and an automated market maker (AMM) mechanism.
Market pain points include slow confirmations, high gas fees, and cross-chain complexity for Bitcoin-native token trading. Odin.Fun aims to solve these efficiency bottlenecks through chain abstraction and ICP integration.
In the past six months (March–September 2026), the platform suffered a major security breach: approximately 60 BTC (worth ~$7 million) were unauthorizedly withdrawn, causing the platform token to plunge and the founder to admit insufficient funds for full compensation. Trading and withdrawals were halted, while the team cooperated with law enforcement and exchanges to trace funds and patched the vulnerability. Additionally, a co-founder's personal account was compromised, leading to a liquidation of ~$178,000 in assets. These incidents severely undermined user trust and highlighted gaps in DeFi security audits and emergency response.
Odin.Fun, a Runes market and launchpad built on Bitcoin, launched in February 2025, quickly attracting attention for its high-speed trading and Valhalla layer. In March 2025, it completed a strategic investment round led by Taproot Wizards, marking early institutional endorsement. However, its trajectory was sharply altered by security incidents. On April 14, 2025, co-founder Bob Bodily's account was compromised, leading to the liquidation of all his platform assets (~$178,700) and a temporary suspension of trading and withdrawals. This incident exposed the risks of centralized account control. A more severe vulnerability emerged in August 2025, when malicious actors exploited a flaw in a liquidity AMM update to steal a significant amount of BTC (initially reported as ~60 BTC). The co-founder acknowledged that company funds were insufficient to cover losses, though remaining user funds were safe. This event triggered a comprehensive security audit and collaboration with law enforcement and exchanges like OKX and Binance. The subsequent public release of the smart contract audit report, which resolved all critical and high-priority issues, marked a crucial step toward rebuilding trust and restoring operations. These security breaches and the transparent response have become defining moments, highlighting the challenges of securing Bitcoin DeFi platforms and shaping Odin.Fun's path toward more robust security practices.
In the past six months, Odin.fun suffered an attack on April 1, 2026 due to a third-party smart contract vulnerability, causing abnormal sell-offs and fund withdrawals. The team initiated emergency response, rolled back to the pre-attack state, cooperated with law enforcement and exchanges to track and freeze hacker funds, and coordinated with other affected protocols for joint accountability. The vulnerability has been confirmed fixed and validated in production, and a comprehensive third-party audit is underway. Subsequently, the platform gradually recovered and strengthened security infrastructure, including 2FA improvements, cache optimization, and staking refactoring. Future development focuses on secure platform restart, fund recovery, and ecosystem restoration. The team stated that they are discussing the optimal restart path with the community and continuing audits and communication.
Bob Bodily (Founder of Odin.Fun): Previously co-founder and CEO of Bioniq, a Bitcoin Ordinals marketplace, and former Director of Data Science Research at Lumen Learning. He holds a PhD from Brigham Young University. He founded Odin.Fun in 2024 as a Runes marketplace and launchpad.