Optimism price slides 9% after $450M worth of OP tokens transf | Crypto World Analysis

Optimism price slides 9% after $450M worth of OP tokens transferred from multisig

Optimism’s (OP) token shed over 9% of its value in the last 24 hours after the team made an unannounced transfer of $450 million worth of the tokens from its multi-signature wallet. The token transfer initially birthed rumors that the Ethereum-based layer-2 network had been hacked.

But the team clarified that the transfers were “planned standard transfers to the Coinbase Custody wallets of various investors in OP Labs PBC.” OP price fell to as low as $1.29 before rebounding to its current value of $1.35 as of press time. The crypto community has lashed out at the Optimism team for not announcing the token transfer. According to rotkiapp founder Lefteris Karapetsas, the communication void resulted in the community trying to “figure out if something was wrong.”

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