As a seasoned crypto investor with scars from more than a few market downturns, I’ve learned to weather the storm and not let my emotions dictate my investment decisions. However, when I invested in OPSEC back in April 2024, I was hopeful about its potential, especially after witnessing that impressive ATH of $3.11. Alas, the journey with OPSEC has been a rollercoaster ride, and it seems we’ve hit another low point.
On October 31st, the value of OPSEC plummeted by more than 78% due to the failure of their AI-enhanced cloud security platform to release the anticipated OPSEC V2 update as scheduled in October.
Currently, OPSEC is being traded at approximately $0.005141, with the price steadily dropping and reaching levels similar to those observed in January.
I observed a significant setback in the progress of OPSEC when whispers about an alleged rug pull surfaced on platform X. This was following their failure to roll out the promised major update, “OPSEC V2,” which aimed at bolstering security, eliminating transaction fees, and fostering mass adoption by forging strategic partnerships and technological leaps.
It’s been a while since we heard about the planned release of OPSEC V2 this month, right? Unfortunately, it turned out to be rugged. Keep up with OpSecCloud and ZssBecker for updates on OPSEC and cryptocurrency. #opsec #cryptocurrency
— crypto yote (@blockchainboob) November 1, 2024
In July 2024, a security issue occurred that prompted the creation of an updated version, known as OPSEC V2. On the 10th of that same month, it was disclosed that the OPSEC team had experienced a breach, where attackers managed to infiltrate their staking contract. This resulted in substantial financial losses.
As a researcher involved in this project, I’m excited to share that we undertook a transition to a fresh contract address as part of our strategy. This transformation has led to the birth of OPSEC V2. To ensure seamless continuity for our users, we advised them to transfer their current OPSEC tokens to a designated recovery address. By doing so, they will become eligible to receive the upgraded V2 tokens. We are also looking forward to announcing some promising partnerships and listing on centralized exchanges in the near future.
As of the project’s last update, the V2 was set to launch by Oct. 31.
As an analyst, I’ve noticed a growing concern within the community of X regarding the lack of transparency surrounding the promised Centralized Exchange (CEX) listings and partnerships that have been anticipated for the past three months following the July security incident.
Unhappy users directly addressed the project’s CEO, Chris Williams, but received a nonchalant reaction, as he avoided taking blame by stating that he wasn’t a programmer himself and was merely an investor like others, awaiting the project’s upcoming relaunch.
Amidst growing accusations within the community that a ‘rug pull’ is imminent, some disgruntled users have suggested to their peers that they should consider discarding the token following the release of Version 2.
The message “OPSEC is still october stay tuned!” can be rephrased as “The OPSEC update will happen soon, keep an eye out!”, indicating that the event or update is imminent. In the second part of your message, you humorously point out that it’s not October 32nd, but rather October 31st (Halloween). Lastly, in a friendly and informal tone, you remind the audience about an earlier warning you gave them regarding an unspecified event or situation. In this context, “wake up in april” could refer to a time when they should be cautious or aware of something that might happen in April, and “dump this shit to 0 IF it relaunches” suggests that if the event or thing returns, they should sell or discard it completely.
— K (@Kaigalore888) November 1, 2024
For the second time this year, the OPSEC token has experienced a significant plunge. After the July hack, its value dropped by approximately 88%.
Previously, on-chain analyst ZachXBT has voiced criticism towards the project, alleging that OpSec has made deceptive statements regarding their infrastructure.
At the time of writing, OPSEC’s market capitalization was approximately $450,000, and there was a significant increase of 1,454.30% in trading volume due to what appears to be a widespread sell-off among token holders. This cryptocurrency has dropped more than 99% from its peak of $3.11, which it reached in April 2024.
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2024-11-01 12:55