OPSEC crashes over 78% after devs fail to deliver OPSEC V2 upgrade

OPSEC fell over 78% on October 31 after the AI-powered cloud security platform failed to deliver the OPSEC V2 update planned for October.

At the time of writing, OPSEC was changing hands at $0.005141 as the price continued to fall towards levels last seen in January.

OPSEC’s demise began when accusations spread on developments.

OPSEC V2 was developed in response to a security breach in July 2024. On July 10, 2024, the OPSEC team reported a security incident in which attackers compromised staking contracts and caused significant losses.

To solve this problem, 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 specific recovery address to be eligible to receive the new V2 tokens, while some future partnerships and centralized exchange listings were also promised.

As of the project’s last update, V2 was scheduled to be released on October 31st.

Community members on

Disgruntled users even attempted to confront the project’s CEO, Chris Williams, but were met with a dismissive response as he distanced himself from direct responsibility by claiming that he was not a developer and was waiting for a relaunch with other investors.

As allegations of rug-pulling intensified among community members, some frustrated users encouraged others to ditch the token after the V2 launch. See below.

$OPSEC It’s still October so stay tuned!

true but it’s currently October 32nd lmao!

Remember when I told you to wake up in April?

Didn’t you want to listen? Make sure you leave this shit to 0 if it restarts, hahaha.

— K (@Kaigalore888) November 1, 2024

This was the second time the OPSEC token suffered a major crash this year. Following the hack in July, OPSEC fell over 88%.

On-chain researcher ZachXBT had also previously criticized the project, accusing OpSec of making misleading claims about its infrastructure.

While OPSEC’s market capitalization stood at just over $450,000 at the time of writing, trading volume increased by 1,454.30% as intense panic selling emerged among token holders. The altcoin is down over 99% from its all-time high of $3.11 reached in April 2024.