Bob Bodily, PhD@BobBodily
Apologies for the delay in responding to today’s event. We know it’s been over 8 hours since the exploit and our silence has likely been frustrating for many of you. We wanted to speak sooner but needed time to verify the facts and take immediate action to protect user funds.
Today we discovered a major exploit in our liquidity AMM which was introduced in our latest update. Several malicious users, primarily linked to groups in China, took advantage of this vulnerability to steal a significant amount of BTC from the platform.
We are still assessing the exact amount of BTC lost, but as of right now, our company treasury isn’t big enough to cover the losses. The remaining funds in the platform are safe.
We have already engaged a top-tier security/auditing team to perform a full audit of our code, which could take up to a week. Once complete, ODIN•FUN will resume operations.
On the legal front, we have contacted U.S. law enforcement and are cooperating fully with OKX and Binance who have already engaged the relevant authorities in China. We were surprised at how quickly they responded. We have already identified several groups who profited from the exploit, and they will be pursued in China and prosecuted domestically (especially considering the amount of evidence we have, including the activities of their wallets).
To those in possession of the stolen BTC:
You have a short window to return the funds before it is too late. This is not a negotiation. You have one chance to limit the consequences and avoid prosecution. Most of you have already been identified, and we will be sure to dedicate as much time and resources as required to recover what was stolen.
We are working on a concrete plan to compensate everyone affected. We have ideas, and if you like ODIN•FUN, we think you will appreciate what we’re working on. We’ll share details as soon as they are finalized.
You can count on us to do everything in our power to make everyone whole. We are here to stay and don’t plan on leaving. This incident does not erase what we've built together and it will not stop where we're going next.
We believe the future of Bitcoin DeFi is massive, and we want you with us when we get there. Words can only go so far, we will earn back your confidence through our actions.
Even though this is a setback, ODIN•FUN has been growing faster than any other Bitcoin DeFi platform. We are the top platform in Bitcoin DeFi and we will keep building!
- Bob
