OPSEC Drops Over 78% After Missing Major Update

On October 31, OPSEC, the AI-powered cloud security platform, saw its value plummet by more than 78% after failing to deliver its anticipated OPSEC V2 update.

At the time of writing, OPSEC was trading at $0.005141, experiencing a significant decline to levels not seen since January.

Accusations of Rug Pull Emerge

The downfall of OPSEC began as accusations of the project being a rug pull surfaced on social media. The project failed to launch the crucial OPSEC V2 update, which aimed to enhance security features, eliminate transaction taxes, and position the project for mass adoption through strategic partnerships and technological advancements.

“Everyone remember when they were set to release $OPSEC V2 this month?!?! We got Rugged.”

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 issue, 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 for the new V2 tokens, while the team promised forthcoming partnerships and centralized exchange listings. The V2 launch was set for October 31.

Community Backlash

Community members have called out the project for not providing details of the promised CEX listings and partnerships since the July security breach.

Disgruntled users confronted the project’s CEO, Chris Williams, only to receive a dismissive response. Williams distanced himself from direct responsibility, claiming he was not a developer and was also waiting for the relaunch alongside other investors.

“$OPSEC is still October stay tuned! It’s true though it’s the 32nd of October right now lmao! Remember when I told you guys to wake up in April? You didn’t want to listen? Make sure you dump this to 0 IF it relaunches lol.”

Previous Crashes and Market Impact

This is the second major crash for the OPSEC token this year. Following the July hack, OPSEC fell over 88%.

On-chain investigator ZachXBT has previously criticized the project, accusing OPSEC of making misleading claims about its infrastructure.

As of the latest data, OPSEC’s market capitalization stood a little over $450,000, while its trading volume surged by 1,454.30% as intense panic selling ensued among token holders. The altcoin is down over 99% from its all-time high of $3.11 reached in April 2024.

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