Amid the panic on X relating to the pause of withdrawal providers, the developer of the Bitcoin memecoin generator, Odin.enjoyable, introduced that the applying didn’t fall sufferer to hackers.
Odin.Enjoyable Assures Customers: Bitcoin Deposits are Backed by Reserves
Clarification on latest ODIN•FUN occasions:
1. ODIN•FUN was not hacked.
2. There was a bug in our deposit sync code that resulted in just a few customers having a steadiness bigger than they deposited. That is why no one was capable of finding the 74 BTC deposit transaction on chain. This has all…
— Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽♂️ (@BobBodily) March 7, 2025
On Friday, Bitcoin merchants had been abuzz with rumors and concern after Odin.enjoyable seemingly paused withdrawals for a lot of customers. This sparked unrest and hypothesis that the Bitcoin model of Pump.enjoyable had been compromised by hackers. In response, Odin.enjoyable developer BobBodily clarified that the platform had not been attacked, and that Bitcoin deposits are totally backed by reserves.
He defined, “There was a bug in our deposit sync code that brought on some customers to indicate a steadiness bigger than that they had really deposited. That is why no one was capable of finding the 74 BTC deposit transaction on-chain. We’ve fastened the difficulty as of about 12 hours in the past. (You may examine the steadiness of the 74 BTC consumer, which has returned to regular.)”
BodBodily additional defined that when customers deposit funds, they’re positioned right into a decentralized 12/34 threshold signing setup, which secures the BTC supplied by the Web Laptop Protocol (ICP).
He elaborated on the technical workings, stating, “The funds are then transferred to the ODIN•FUN good contract. That is the ~91 BTC determine that has been circulating. It precisely represents the BTC within the platform. Once more, all consumer BTC is backed 1:1 by the BTC inside Odin.enjoyable. The 74 BTC deposit didn’t present up right here as a result of aforementioned deposit sync bug.”
Trying ahead, Bob Bodily talked about that the crew is engaged on bettering the ODIN.FUN frontend by including deposit and withdrawal standing indicators (e.g., pending, confirmed, credited), together with hyperlinks to explorers for tracing funds in a totally decentralized, on-chain method.
The crew can also be enhancing the platform’s safety by persevering with to harden the good contract code, API, and indexers by means of each inside and exterior opinions and audits.
Bob concluded, “We’re refining our processes for dealing with bigger BTC quantities on the platform. Which means that customers might expertise delays as we implement further confirmations for bigger deposits or withdrawals to reinforce platform safety.”
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