OPSEC, fell by over 78% on Oct. 31 after the AI-powered cloud security platform failed to deliver its OPSEC V2 update scheduled for October.
At press time, OPSEC was exchanging hands at $0.005141 as the price continued to tumble reaching levels last seen in January.
OPSEC’s downfall began as accusations of the project being a rug pull circulated on X after it could not launch a major update “OPSEC V2” which aimed to enhance security features, eliminate transaction taxes, and position the project for mass adoption through strategic partnerships and technological advancements.
OPSEC V2 was developed in response to a security breach in July 2024. On July 10, 2024, the OPSEC team reported a security incident involving attackers compromising their staking contract, leading to significant losses.
To address this, the project initiated a migration to a new contract address, resulting in the creation of OPSEC V2. Users were instructed to send their existing OPSEC tokens to a specified recovery address to be eligible to receive the new V2 tokens while promising some forthcoming partnerships and centralized exchange listings.
As of the project’s last update, the V2 was set to launch by Oct. 31.
Community members at X have called out the project for not providing the details of the CEX listings and partnerships it has been promising for the last 3 months ever since the July security breach.
Disgruntled users even took to confronting the project’s CEO Chris Williams only to be met with a dismissive response as he distanced himself from direct responsibility, claiming he was not a developer and was also waiting for the relaunch alongside other investors.
As allegations of a rug pull intensified among community members, some frustrated users have even encouraged others to dump the token after V2 launches. See below.
This is the second time that the OPSEC token suffered a major crash this year. Following the July hack, OPSEC fell over 88%.
On-chain investigator ZachXBT has also previously criticized the project, accusing OpSec of making misleading claims about its infrastructure.
OPSEC’s market capitalization stood a little over $450,000 upon writing, while its trading volume was up 1,454.30% as intense panic selling seems to have ensued among token holders. The altcoin is down over 99% from its all-time high of $3.11 reached in April 2024.
Read the full article here
