A Hacker’s Dark Comedy: The Vanishing 74 BTC and the Perfect Crime Scene
On March 7, 2025, the Valhalla Layer 2 block explorer froze abruptly. Panic spread like wildfire as community members discovered 74 BTC worth $4.8 million had vanished from Odin.fun. The team’s claim of a “synchronization glitch” crumbled under scrutiny from JuCoin’s Blockchain Tracker, which revealed the funds had already flowed into a Swiss private bank via three cross-chain transactions.
This farce exposed Bitcoin’s most absurd reality: a platform claiming to “revive Bitcoin” turned out to be an ICP-chain shell game. User-deposited BTC was converted to ckBTC, masquerading as “native Bitcoin assets” through chain fusion tech. When a hacker mocked on Discord, “We just triggered the system’s backdoor,” Valhalla’s explorer displayed a darker truth: founder-linked addresses had secretly siphoned 12,000 BTC over three months via “smart contract loopholes.”“This is more ironic than Mt. Gox,” an anonymous developer decoded Odin.fun’s contracts. “They didn’t even need hackers—multi-sig permissions were hardcoded into the founders’ hardware wallets.”
Revival Mirage: How Layer 2 Networks Became Capital Puppets
Odin.fun’s “innovation” is a masterclass in psychological manipulation. By splitting token launches into Ascend and AMM phases, the team engineered a perfect收割 model:
- Ascend Phase: An exponential bonding curve creates artificial scarcity, dumping 80% of tokens at 0.211 BTC.
- AMM Phase: The remaining 20% and 0.2 BTC form a liquidity pool, locking users into a death spiral via the k=X*Y formula.
A JuCoin Research Report exposed the truth: while users think they’re trading Runes assets, they’re trapped in an algorithmically rigged casino. The 25% referral kickback turns communities into MLM pyramids—every new user fuels BTC withdrawals for upper-tier “leaders.”The deadlier threat lies in technical lies. Valhalla’s “2-second confirmations” actually lock user BTC in ICP’s closed system. When an engineer tried withdrawing 10 BTC, the system demanded a “72-hour review”—while链上 records showed those BTC were already pledged for loans. This explains why Odin.fun’s daily volume hit 1,000 BTC, yet Bitcoin’s mainnet UTXO growth stalled at 0.3%. The so-called ecosystem boom is a链上 mirage.
Bitcoin’s Dilemma and the Pseudo-Revivalists’ Carnival
As Odin.fun’s top Runes token ODINDOG peaked at $35 million, Bitcoin’s daily active addresses plummeted to pre-2023 inscription levels. This reveals a brutal truth: Layer 2’s false prosperity is draining Bitcoin’s lifeblood.The ultimate irony? Runes protocol was meant to solve BRC-20’s UTXO bloat but is now generating new链上 junk. 97% of Odin.fun’s projects die within 48 hours, each consuming block space equivalent to 3,000 Bitcoin transactions. When a user posted “How to Harvest韭菜 with 3 BTC on Odin.fun” on X, the tweet trended—a perfect metaphor for capital’s game.
Bitcoin’s ecosystem now spirals in self-denial:Developers abandon mainnet legitimacy to chase Layer 2’s fake TVL.Speculators weaponize “revival” as a narrative tool, cloning Pump.fun models.Retail users languish in Valhalla’s Truman Show, buying virtual points with real BTC.As Odin.fun’s founder purchased an $8 million Dubai beach villa, Bitcoin Core dev Luke Dashjr submitted his 17th proposal to disable inscriptions. These parallel stories compose crypto’s sharpest satire.
Colin Winston
