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

OPSEC, the native cryptocurrency of OpSec, an AI-powered decentralized cloud security platform, has plummeted over 88% following alarming reports of a security breach 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.

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 $OPSEC contract. We need to act fast to…

— OpSec (@OpSecCloud) July 10, 2024

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.

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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 rug pull.

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.

This is what I said 4 months ago about $opsec and people were fudding him lool @zachxbt

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… pic.twitter.com/vBwyC4is8U

— RAIDMACHINE (@raidmach1ne) July 10, 2024

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 data 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: Memecoin developers rugpulled over $26m in pre-sales on Solana amid March’s craze

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