Optimism cryptocurrency drops by 10% due to user panic

The Optimism token (OR) dropped in price by 10% due to rumors of a hack of its multisig wallet. However, the panic was in vain.

As it became known, users noticed a transfer of $ 450 million from Optimism’s address, and many decided that the reason for this transaction was a hacker attack. However, as the project developers explained, it was a transfer of funds from OP Labs investors to Coinbase Custody wallets.

Due to the news of the Optimism hack, the token’s value dropped from $ 1.47 to $ 1.27. However, now the price of OP has almost recovered, and at the time of writing, Optimism is trading at $ 1.35. Apparently, Optimism representatives will now warn the crypto community about all major transactions.

This is not the only trouble that has happened to the Optimism project. In early June, the Optimism team transferred tokens to the Wintermute crypto provider (it was necessary to prepare the OR for the drop), but the latter could not access the tokens because the crypto provider provided an incorrect wallet address. As a result, 20 million Optimism (OP) tokens ended up on the hacker’s cryptocurrency wallet.