Optimism got hit hard

[Ketesnuko]

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 .

[passwordnow]

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.

[dimonstration]

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 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.

[asriloni]

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.

[zasad@]

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.

[fuer44]

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 .

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.

[Jaered]

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

[JeffBrad12]

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

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.

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.

[Sarah Azhari]

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 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.

[KaliLinux]

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 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.

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.

[serjent05]

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 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.

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. 

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.

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

[fuer44]

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

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.

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.

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?

[$crypto$]

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 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.

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.

[CuriousGeorge]

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.

[tvplus006]

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.

[Maestro75]

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.

[The Author]

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

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.


 

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.

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.

[Coyster]

And for the Optimism project, their recent activities stands to create FUD in the community which is bad for business.

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.

[virasisog]

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.

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.

[serjent05]

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

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?

It means alot of investors believe in the token and are not panicking much.

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

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.

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 advise those who bought it not to sell in panic. They should hold.

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