The native cryptocurrency of OpSec, an AI-powered decentralized cloud security platform, has suffered a dramatic 88% drop in value following alarming reports of a security breach on its official X account.
On July 10, OpSec reported on its official X account that external attackers had compromised its security, resulting in the theft of funds from its staking contract. The OpSec team emphasized the urgency of the situation and outlined its plan to withdraw liquidity from the current OPSEC contract and migrate to a new contract address.
The Alleged Hack and OpSec’s Response
For this migration to go smoothly, users were told to send their OPSEC tokens to a certain recovery address and receive V2 tokens in exchange. The team also told users that their funds and wallets would be safe and that there would be perks after the migration, such as increased contract security, lower tax rates, and higher liquidity.
Despite OpSec’s promises, many people in the crypto world are still unsure if the breach is real. Some users think the event could be an attempt to hide an internal scam or “rug pull.”
In a post on July 11, user RAIDMACHINE expressed his doubts, saying that he thought the situation was likely and pointing to earlier warnings about the project.
To make things even more controversial, on-chain detective ZackXBT had earlier said that OpSec was making false claims about their infrastructure. In a post on March 7, he said that OpSec had lied and claimed that an old YouTube video from August 2022 was their own. Users are even less trusting after this news comes out.
OPSEC has been hit hard by the events that happened. CoinMarketCap data shows that OPSEC is still down 88%, trading at $0.05582. The amount of crypto traded daily is about $7.31 million, and its market value has dropped to $5.52 million.
