Hackers drained 58.2 bitcoin (BTC), worth about $7 million, from memecoin launchpad Odin.fun in a sophisticated liquidity manipulation exploit that is being linked to China-based hacking groups.

The attack targeted the Bitcoin-based memecoin launchpad’s automated liquidity market-making system, which co-founder Bob Bodily later described as having a critical vulnerability.

Blockchain data shows the platform’s bitcoin reserves plummeted from 291 BTC to 232.8 BTC in under two hours amid the attack.

“Today we discovered a major exploit in our liquidity AMM which was introduced in our latest update,” Bodily said in an X post following the attack. “Several malicious users, primarily linked to groups in China, took advantage of this vulnerability to steal a significant amount of BTC from the

See Full Page