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Now I am confused, Optimism token that looks like a good one to hold for long term has been hacked and this caused a 20 million dollars tokens stolen, the more I plan to grab some.new projects the scary it keeps getting, I mean what's all these for a new project like Optimism .

I didn't know that there was a hack that happened to this very new project.
Just for the reference ~ https://decrypt.co/102377/ethereum-layer-2-solution-optimism-loses-20-million-tokens-in-interlayer-snafu
Looking at this project made sure many people's interests were gone. The launch was actually good but it's like the usual market that it had to be dumped by most of its holders and airdrop holders.

I was planning to purchased this token when it was first announced because of its good Ethereum solution function yet the team mistakenly sent the OP to the wrong address is very sketchy IMHO. The article provided above shows how the team commit mistake and the hacker just received it. There still chance for this to recover by doing hard fork and block all the deposit of OP tokens on all exchange by the time the mistake done. OP team only shows how incompetent they are for allowing this terrible loss.

I just hear it right now and as a new platform that can got hacked easily and this is the worst thing.  im sure that if this news will be decreasing the credibility of optimism blockchain. Im feeling skeptical right now about this blockchain and its security, it seems like there must be another bug that has not yet discovered and this will become a serious problem for the blockchain. I meant people that actively using this blockchain must be careful with it.

https://coingape.com/is-vitalik-buterin-behind-the-recent-16-mln-optimism-op-hack/
Hacker Sends 1 Million OP Tokens to Vitalik Buterin

More information about developer errors
https://cointelegraph.com/news/optimism-loses-20m-tokens-after-l1-and-l2-confusion-exploited
Optimism loses 20M tokens after L1 and L2 confusion exploited

My first opinion is that this is some kind of circus to reduce the price of tokens. For such an ecosystem, these are small losses, but the reputational losses are huge.

In the last 4 years, many projects from the bounty campaign have finally disappeared without any news. regardless of the project you are following which is reportedly stolen, it is very unfortunate. but of the many bounties that are still being released on this platform, there are still some that are good and really paid. I dare to call it because the last time I joined the bounty, I really got paid. The point is, if you are still interested in participating in the bounty campaign project on the bitcointalk platform, follow it and stay optimistic, what will the project look like in the end, just leave it to the developer and continue to follow the community.

Optimism is a Layer 2 option and its doing quite well before the exploit was hatched. I think and know it would be fine as long as they do what they know properly

The problem was on the trust. 20 millions was quite small but if you are seeing the market and these days people are starting to distrust the platforms that have gotten bad news. OP was a new platform and this news already given very big impact to the trust from the community. Trust is everything in the crypto. Your project can't survive without the trust from the community



You're actually out of topic. This is not even discussing about bounty. watch and read again properly rather than try to spam to increase your post count.

The hacker is able to deploy the multisig to L2 with different initialization parameters. I guess he is one of an insider development and tries to get all fund without residue. or maybe dump the price to buyback again.

Well, you just suggested what could have been done to prevent the total loss of the tokens considering that this was an honest mistake which I want to believe that the Devs would have known to do to prevent all the drama but why didn't they do it ??? With stuff like this happening, it is becoming more and more difficult to trust and invest in most of these new projects.

This is what I am thinking upon reading the article.  It is mind-boggling how the hacker got a hold of that transaction, and how it is able to "intercept" the token if it isn't an insider.  Probably this is just a strategic planned disaster to crash the price of the token and buy back at its dip.  Not that clever IMHO.  These "tactics" had already scared away lots of potential investors. 



Lucky you, you failed to purchase the token, or else you would have been another victim of this possible self-inflicted hacking.

okay, maybe you get the point. but I focus on "new projects the scary it keeps getting, I mean what's all these for a new project like Optimism", and I think it refers to new projects that are usually released in the bounty campaign. Am I wrong?

You survived the purchase of OP tokens, if that happened then some would be caught in a severe drop in price.

At the beginning of the initial listing the OP price was $4 I also wanted to buy but was held back a bit because I believe this token will definitely go down regardless of the many holders of the airdrop which will definitely be sold in its entirety, so this is really a scary thing after I found out about the OP's case so I didn't buy it even though the price was under $1.

So, that means if there are bugs available on the platforms. This is a very important point for the developers if there might be lots of loophole on its blockchain. I hope that the developers of OP blockchain will try to do audit to its code or at least try to create a bug bounty to make sure if there will be so many parties that helped them to audit the blockchain. Blockchain can die just because if it has so many bugs that will put its users in so many disadvantages.

If we take into account that the capitalization of the OP coin is 3.5 billion dollars, then the stolen 20 million are not critical for the coin from a financial point of view. Therefore, the decrease in the value of the coin should not be considered as a consequence of hacking, since the price of the coin is constantly decreasing after the initial pump.

Am hearing of this Optimism token for the first time a few hours ago today. And I checked its current price to see how the hack affected it. It did not dip much since the news of the hack. It means alot of investors believe in the token and are not panicking much. It will come up back after a fee days from today. It is a big project as I saw it on so many exchanges already including Binance and on Coinbase. I advise those who bought it not to sell in panic. They should hold.

This point is quite true because for the community to buy and invest in your project you would have to prove how legit and transparent you are.
And for the Optimism project, their recent activities stands to create FUD in the community which is bad for business.


 I don't even think we can call it hacking because from what I've read, it says here that the mistake was on the part of the OP team for sending the tokens to the wrong address in the first place.

Of course, FUD and lack of trust go hand in gloves, that is the same situation with Luna project, after it crashed and all, the team have been trying to get the project back up in all sorts of ways, but i am afraid it is all going to be futile, the community already lost trust in the project and that means many investors are not going to buy it (lack of demand). And a coin/crypto without ample demand is more or less headed for the grave. That is the reason why Bitcoin is the way it is today, a greater portion of the community trust it to be a long term project cause of it has an actual utility, they (the community) know that irrespective of whatever happens (plunge/correction/etc) in the short term, it is always going to rise back up again.

Just like the other projects, they could lose their investor's trust and might ruin their reputation. No matter how they fix it or solve this matter, investors will doubt their credibility. Situations like this bring fear to investors to invest in new projects no matter how potential their coin is. Maybe that's the reason why most people focus only on potential top coins because new altcoins could crash or turn into a rug if the developers can't handle the project properly.

Yeah right, a 60%+ dip isn't that much ::).  Representing it in actual price, from $2.1 down to $0.7 then partially recovered to $0.8 (current price). Isn't it a plain crash?


Sure thing, investors never sell then who dumps the token?


Having these exchanges doesn't guarantee a recovery.  Just look at LUNC and LUNA, the market keeps on crashing even though they are listed on good exchanges.


I would say, better think hard and dig deeper.  The said "hack"  is really suspicious.

Hackers are not planning to take a break either, the airdrop was just few days ago if am not mistaken and already got hacked with 20 million stolen! Can't believe how this hackers are determined to cause havoc. 20m is a huge amount which can affect the growth of the project or possibly render it useless if not handled properly. I hope the authority will be able to do something to catch the perpetrators, this is not a good news at all.  :(

not looking good at all for chart https://www.coingecko.com/en/coins/optimism, the hackers are still holding large amount that can be sold

Yeah, the stain is already there even how hard they try to revert the situation and solve the problem. But if it's a different level of trust just like in Binance.
Everyone can remember the hacking incident that has happened to them but they've guaranteed users that funds are safu and they'll pay the damages and affected users.
If the same scenario comes to other projects even if they're not anticipating it and that's how they handle their issue just like binance, trust will remain to them.

This blockchain is still a young blockchain but the vulnerability already exploited by the hacker. I just wanna know whether the hacker will try to explore another vulnerability in the blockchain or not. it's possible to do another attack. The dev needs to do an audit as soon as possible to make sure there will be no vulnerability that has not yet discovered. Im sure that OP users are feeling bad with how weak the security of this blockchain.
This proves that even the new blockchain will not always become a reliable blockchain.

Don't know why people buy anything but BTC.  ;D

Getting hacked just after launch is pretty fishy or may be pretty bad for the image of project itself. It proves they are not taking care of the safety and security of the data at all. I stated it could be fishy in the first place because these days any project owner would look after safety protocols while coding and it’s most basic stuff these days. Moreover, as discussed by others it also got its penalty from the market where everything is in bearish. But I would consider that as secondary reason frist one looks like unserious project owner.

That's why if you're ever going to invest on a  shitcoin altcoin, then I suggest shorting it instead of expecting any long term investment. They aren't just suited for holding unlike Bitcoin, and the majority of them are either shitcoins, shitcoins, scams, or shitcoins. If you're looking for a long term investment, stop looking for new projects, just buy Bitcoin and you'd be rather happy with leaving the problem of looking and studying new projects.

It doesn't make any sense if such project don't get any issue at an early stage like right now, the only thing that new projects are doing wrong is not trying to hack their network when they feel that the project is ready, new projects should always put out a back bounty on their blockchain just to know how strong it is... Till this day only few projects do this.

More often than not, the reason is for quick/fast profits, Bitcoin is a long term project and as such quite a lot of investors do not have the patience to wait for the long period, so they go after altcoins (short term projects). I am pretty sure 9/10 of investors that invest in altcoins are well aware of the risk involved, but they still go ahead with it cause of the chances of a short pump were they could make ROI. The thing is this, even if anyone must invest in altcoins, make sure you have no intention of holding it for long, if you are lucky to buy at the right time when the coin is just about to pump, sell once you get your ROI and leave the project, most of them have no utility, so they are not sustainable for the long period.

yes you are right, and this token is not at all good to invest in the long term because the optimism token is still held by hackers so it has a very high risk, you should ignore this token so you don't get trapped in it,

There will always be some that will try to scam customers, and there will be some that will pay. There is no denying that this happens in all parts of the market, it could be put into anything. Like there will be some casinos which are legit, and some that will scam you, or you could go with some exchanges that are legit and some exchanges will "exit scam" people.

We could say plenty of versions of this and bounty is no different at all. I could have gotten paid a lot more if I went with a bounty for example instead of a regular btc paid place, and yet I didn't, why? Because of the unpaid risk, if someone tells you 100% guaranteed 50+ dollars vs no so guaranteed and risky 100 bucks, you go with the 50+ one for sure.

https://cryptopotato.com/optimism-hacker-promises-to-return-18m-op-tokens-sends-another-1m-to-buterin/
Optimism Hacker Promises to Return 18M OP Tokens, Sends Another 1M to Buterin
The anonymous hacker who stole 20M OP tokens has sent another 1M to Vitalik Buterin and made a reassuring promise to Optimism.
Hamsters sold out in a panic, the circus ended.

don't be surprised to hear this news, the new token has been branded as a high risk project,
whether it's a good fundamental or not, because of course you have to pass some time to get a good project stamp,
be careful to buy tokens or coins from the project new, of course you have to keep that in mind

Project is very good and providing layer 2 technology but this hacked was very strange. Good news is that Hackers return 17 million token and price is now recovering. Hacking is worst part in crypto and many big projects lose their value after being hacked

Is there any projects that can be trusted in the crypto space again apart from BTC? I guess not, this won't stop me from investing in new projects but I will only look for opportunities and sell my gains for BTC, all these new projects are so messed up right out of the box.

ithink opti is not good to hold right now 1 reason beacuse of not good condition of market its looks like bear market btc is continue falling . May be soon buy opti in the last atl and hold it.

https://decrypt.co/102541/optimism-hacker-returns-17-million-tokens-airdrop
"Optimism Hacker Returns 17 Million Tokens After Airdrop Blunder
Seventeen million tokens were returned, 1M sent to Vitalik Buterin is "being recovered." The rest? Bounty for the hacker, says Optimism Foundation.
Etherscan data shows the OP was sent back in 17 separate 1-million token transactions starting around 8 a.m. ET on Friday. The hacker exchanged 1 million OP for ETH, sent another 1 milion to Ethereum co-founder Vitalik Buterin and still has 1 million OP in their wallet.

In a Twitter thread, the Optimism Foundation called the 2 million OP that hasn't been returned "a bounty," and that it was in the process of recovering the 1 million OP that had been sent to Buterin."
https://optimistic.etherscan.io/token/0x4200000000000000000000000000000000000042?a=0x4f3a120e72c76c22ae802d129f599bfdbc31cb81

$2 million won't bankrupt the Optimism Foundation.

It looks like you have been fooled with sweet promises and good-looking projects that somehow, end up failing.
From the word itself "Optimism" is found to be just a joke project and manipulated market price. Not a usual thing happens in crypto, they are more projects the same as this. We can't predict what projects may be able to survive especially in these new projects.

This will somehow destroy the trust of the people in crypto and the more the Government thinks negatively because of many negative reports and exit scam issues.

Every new project is not all safe for us to invest in, as happened to this one project whose design of the project is so good that there are people who want to hack and this is certainly very terrible for those of us who are always hunting in new projects, and I am sure that not all new projects will be targeted by hackers and only some projects that cannot implement good security so that they can do it hacking easily, and the project team did make a fatal mistake so that hacking could happen.

I am pretty much surprised as to how this kind of shit can happen to a project with so much potential.
But, such incidence should have been foreseen and taken into account when designing and deploying the contract.
It really is a very sad incident.

More like why would anyone buy a relatively new altcoin when the market is in the bear mode and every time BTC drops its price, that altcoin is more likely to drop further. Worse, that new one doesn't have a strong support base yet (new, remember?) so it is also more likely to get hit harder if fud/bad stuff happened to that altcoin which in this case, Optimism hacked.

It's definitely too risky to buy new coins during bear market conditions because it's not clear what the future of the new coins will look like,
it's like a gamble and if i may suggest it is better to buy top coins which is not too risky,
but again everyone has their own decisions and most importantly they are responsible for their decisions

Another useless L2 there are so many L2 exist in the market. The price of this token may always go down soon.  this day another dump was hitting the price of this token. L2 was just a common thing. There's no something special with it other than hype and free token from the airdrop.
Im sure that if people will be rarely using this blockchain anymore in the future. People very like to gamble with the new thing like this even when they know that if it's not worth or very risky decision.

It is only a look-like, doesn't mean it is good enough.
Sometimes, hacks in the crypto world can make a certain project dead, moreover if the developer team cannot overcome the problem and make any progress and development. It seems to be a dead-soon project. Like BP also had similar cases, having very dropped and crashed price because of hack problems. In this case, the team cannot solve the problems and the price keep crashing, maybe this can be a dead soon project. Sadly, I have the token and I have no hope again for this. This may be the same as your point, of that token. Just let it be and make a lesson from this experience. It is better to invest in top coins only, moreover only on Bitcoin as the main choice.

Don't look at the possibility that this project will give you a profit but rather think this gives you losses as this project seems nothing to add and value in the market. Don't get surprised of seeing this to a useless project and this really gonna happen to them. And besides, I'd never find any reason to see its price rise, it was indeed a dying project like no different from other shitcoins.

I think you need to accept the fact that Optimism has no future and it was only created for scam purposes.

This is something which happens quite frequently, this is why it is very important to take a good look at the developers behind a project before you decide to invest in it, there are many hackers which are incredibly capable and if they find any mistake in the project then they are going to take advantage of it and steal as many coins as they can, this project is now dead as it is almost impossible to recover from something like this, you did not specified if you invested in the token or not but I hope you did not, so you could avoid to lose your capital over the ineptitude of the developers.

Optimism is a very good level 2 solution.
https://l2beat.com/

https://currency.com/optimism-op-price-prediction
"The OP token is used to fund third-party development proposals and integrations on the Optimism L2 chain, via the Optimism Collective decentralised autonomous organisation (DAO). While any OP holder can partake in governance, Optimism Collective recommends delegating your tokens to a predetermined set of delegates, who will use your voting power accordingly. You retain 100% ownership over your tokens when delegating, and can switch delegates at will."

This is a funding token, the security of the ecosystem has not been affected.

tips dont buy opti on this market status buy it soon if btc sign bull market . Ilove opti for the future token fast transaction and low gas fee but ididint buy it now beacuse of bear market status iwill buy opti soon not now