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OPSEC crypto plummets 89% amid security breach, details here

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OpSec’s security breach prompts for enhanced measures amid ongoing industry challenges and community concerns.

OpSec security breach

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  • OpSec faced a breach leading to unauthorized fund extraction from their staking contract.
  • OpSec responded by migrating their marketing and development wallets to newly isolated ones. 

In a recent turn of events, OpSec, an AI-powered decentralized cloud security platform, faced a significant breach when external attackers infiltrated their system on the 10th of July.

This security lapse led to the unauthorized extraction of funds from OpSec’s staking contract. 

OpSec in action

However, OpSec took responsibility for the situation and within an hour’s time issued a statement on X addressing the incident and noted, 

“We are taking immediate measures to address the situation by withdrawing liquidity from the current $OPSEC contract. We need to act fast to recover and migrate the contract address (CA).” 

To prevent further escalation, the team also reached out to the community for support and assistance.

“To support this urgent migration, we need your help. Please send your $OPSEC tokens to the recovery address below to receive V2 tokens during the migration.” 

OpSec

Source: OpSec/X

Word of caution

Needless to say, OpSec also issued a warning, and clarified that they had taken a ‘snapshot of current holders for the V2 airdrop’.

Additionally, as a precautionary measure, the team has also advised users against purchasing the current $OPSEC token until the situation is under control. 

However, despite these efforts, the community appeared disappointed with the situation, as emphasized by RAIDMACHINE, who stated,

Raidmachine

Source: Raidmachine/X

Additionally, the $OPSEC token also plummeted by 89% in the last 24 hours, reflecting waning investor interest, per CoinGecko data.

Despite criticism, OpSec assured users their funds are secure, and the team has taken swift action by migrating marketing and development wallets to newly isolated wallets for enhanced security.

This migration promises several benefits, including enhanced contract security, prevention of sudden dumps, reduced tax implications, and improved liquidity.

According to the team, 

“All users are safe. If you are an $OPSEC holder who did not purchase after 15:15 UTC, Wednesday, 10 July 2024, you are completely safe. We will handle individual cases as needed.” 

Recently, Kraken, a leading cryptocurrency exchange, too revealed a critical bug on 19th June that allowed unauthorized users to generate funds, resulting in at least $3 million in digital asset withdrawals. 

Therefore, these incidents serve as reminders of the ongoing security challenges present in the digital asset landscape. 

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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