OpSec

OPSEC, the native cryptocurrency of OpSec, an AI-powered decentralized cloud security platform, has plummeted over 88% following alarming reports of a <a href="https://crypto.news/hackers-exploit-old-http-file-server-to-install-monero-miners/" rel="noopener noreferrer nofollow">security breach </a>on its official X account.
The latest incident has resulted in significant financial losses for users and has raised suspicions within the crypto community about the platform’s integrity.
The alleged hack and OpSec’s response
On July 10, OpSec announced on their official X account that external attackers had compromised their security, leading to the theft of funds from their staking contract.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 An hour ago, we experienced a security breach by external attackers, resulting in the theft of some funds from our staking contract. We are taking immediate measures to address the situation by withdrawing liquidity from the current <a href="https://twitter.com/search?q=%24OPSEC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$OPSEC</a> contract. We need to act fast to…— OpSec (@OpSecCloud) <a href="https://twitter.com/OpSecCloud/status/1811074256220115283?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 10, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
The OpSec team emphasized the urgency of the situation and outlined their plan to withdraw liquidity from the current OPSEC contract and migrate to a new contract address.
To facilitate this migration, users were instructed to send their OPSEC tokens to a specified recovery address to receive V2 tokens in return.
The team also assured users that funds and wallets were safe and that post-migration benefits would include increased contract security, lower tax rates, and higher liquidity.
You might also like: <a href="https://crypto.news/hackers-exploit-old-http-file-server-to-install-monero-miners/" rel="noopener noreferrer nofollow"> Hackers exploit old HTTP File Server to install Monero miners </a>
Community reaction and scepticism
Despite OpSec’s assurances, many in the crypto community have expressed scepticism about the legitimacy of the breach. Some users suspect that the incident might be a cover-up for an internal scam or <a href="https://crypto.news/sahil-aroras-alleged-rug-pulls-prompt-wecare-foundations-support/" rel="noopener noreferrer nofollow">rug pull</a>.
In a July 11 X post, user RAIDMACHINE voiced his doubts, suggesting that the situation was a predictable outcome and pointing to earlier warnings about the project.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 This is what I said 4 months ago about <a href="https://twitter.com/search?q=%24opsec&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$opsec</a> and people were fudding him lool <a href="https://twitter.com/zachxbt?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@zachxbt</a> And this is what literally happened today: “we got hacked, it’s not us, funds are gone” bla bla bla Coincidence? I don’t think so. Feel so sorry for all people who have huge losses in… <a href="https://t.co/vBwyC4is8U" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/vBwyC4is8U</a>— RAIDMACHINE (@raidmach1ne) <a href="https://twitter.com/raidmach1ne/status/1811121760374272088?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 10, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Adding to the controversy, on-chain sleuth ZackXBT had previously criticized OpSec for misleading claims about their infrastructure.
In a March 7 post, he revealed that OpSec had falsely presented an old YouTube video from August 2022 as their own. This revelation has fueled further distrust among users.
The repercussions of the incident have been severe for OPSEC. At the time of writing, OPSEC was still down 88%, exchanging hands at $0.05582 per <a href="https://coinmarketcap.com/currencies/opsec/" target="_blank" rel="noopener noreferrer nofollow">data </a>from CoinMarketCap. The crypto asset’s daily trading volume was hovering around $7.31 million. Moreover, its market cap had fallen to $5.52 million.
Read more: <a href="https://crypto.news/memecoin-developers-rugpulled-over-26m-in-pre-sales-on-solana-amid-marchs-craze/" rel="noopener noreferrer nofollow"> Memecoin developers rugpulled over $26m in pre-sales on Solana amid March’s craze </a>

OPSEC’s devastating 88% plunge: hacked or rug pull?

crypto.news

Other articles published on Jul 11, 2024

Coinbase Launches On-Chain App

Ripple CEO Criticizes US SEC Chairman Amid Efforts To Integrate Crypto And White House Policies

Best Airdrops for Easy Crypto Earnings

Crypto Analyst Foresees $80K-$100K Bitcoin Amid FTX’s Potential $16 Billion Repayment

Altcoins Experts Buying Right Now: Will They Outperform the Whole Market This Summer?

WhatsApp Tests New AI Feature That Edits Images Within The App

Join our free newsletter for daily crypto updates!