Odin_GodOfRunes, a cryptocurrency platform, was hacked in the early hours of today. The attackers stole 58.2 Bitcoin, causing a loss of $7 million. PeckShieldAlert reported the incident. The attackers changed token prices before cashing out, which shocked many investors. The hack involved the $SATOSHI token, named after Bitcoin’s creator, Satoshi Nakamoto, which adds an ironic twist to the situation.
How the Exploit Happened
Hackers carried out their plan by adding funds to the Odin_GodOfRunes platform using the $SATOSHI token. They raised the token’s price to create a false sense of value. When the price reached its highest point, the attackers quickly took back their funds, stealing 58.2 BTC, which is about $7 million.
PeckShieldAlert shared pictures showing the sharp price rise followed by a drop, which is common in liquidity pool manipulation. This tactic exploits weaknesses in decentralized finance (DeFi) smart contracts. The loss of $7 million greatly hurts Odin_GodOfRunes, a newcomer in the DeFi market that uses Norse mythology to attract users.
The platform had not reported any hacks before, suggesting this is its first major security breach. Its inexperience raises concerns about its recovery. Although the platform aims to be community-driven, this makes it an easier target for attacks. Investors are worried since there has been no official response yet.
An Unusual Response Exploit
Despite the seriousness of the breach, the team behind the platform has remained silent. Investors and users are waiting for updates on recovery efforts and security measures. However, since the incident happened just an hour after the alert, some think the team might be trying to manage the situation or work with blockchain security firms.
The lack of communication in this situation is different from past incidents in DeFi, like the Pump.Fun official X account’s Cyberattack in February this year. During that event, the platform worked hard to restore the security and trust of its platform. Others, like ZKsync and KiloEx, offer bounties to recall back looted funds to retain user trust.
As regulators examine DeFi, this hack tests its strength. The involvement of the $SATOSHI token provides a playful yet risky nod to Bitcoin’s origins. Enthusiasts watch to see if this incident leads to stronger digital finance security or worsens the situation.
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