Market
OpSec CEO and Team Resign Amid Fraud Allegations by ZachXBT
Chris Williams, CEO of OpSec, a purported AI Cloud Security platform, announced that he and “the entire core team” resigned. Williams cited a recent investigation from ZachXBT, who claimed that OpSec was fraudulent.
One user, Zopp0, simultaneously owned OpSec and several other projects and withheld critical information and even payment from Williams’ team.
ZachXBT’s OpSec Investigation
Chris Williams, CEO of AI Cloud Security Platform OpSec, announced that he and OpSec’s entire core team were resigning en masse. Williams cited a recent investigation by crypto sleuth ZachXBT and claimed that the business was “no longer viable.” Specifically, he claimed that OpSec’s anonymous founder deliberately withheld critical information.
“This decision follows recent findings, highlighted by ZachXBT, along with our own assessment of OpSec’s operations. These revelations, coupled with the un-doxxed founder’s prolonged absence and sole control over the company’s finances, have severely limited our ability to lead and execute our vision effectively,” Williams claimed.
So, what were ZachXBT’s allegations, and how did they impact the firm’s operations? On the surface level, OpSec appeared to be a legitimate business, even partnering with other cloud computing firms to create DePin solutions. However, Zach stated that one user, Zopp0, created at least four shaky crypto startups, hoping to attract naive investors.
ZachXBT’s investigation began in March when he posted evidence that OpSec’s purported hardware capacities were nonexistent. In November, however, he followed this up with leaked Telegram chats in which Zopp0 openly discussed his total lack of a plan for executing OpSec’s business model. These chats made it clear that the business had no real core.
In other words, Zopp0 managed to insulate Williams and the rest of OpSec’s developers from this lack of functionality. Positive social media buzz, partnerships, and other publicity actions drove up OpSec’s price. Behind the scenes, however, Williams said Zopp0 provided a “lack of clarity regarding OpSec’s direction,” and frequently withheld pay.
The actual fraud here is somewhat similar to several which ZachXBT previously investigated. A seemingly legitimate project courts public interest, but upon closer inspection it cannot execute the purported vision. Zach also claimed that Zopp0 was secretly running OpSec and several less prominent “businesses”, a common tactic in token scams.
After obtaining this leaked information, ZachXBT confronted Zopp0, who became increasingly agitated in private chats. Excerpts from these were again leaked to ZachXBT, building evidence of misconduct.
Zach then released most of this leaked information at once. Williams claimed that this corroborated his team’s own suspicions, leading to the mass resignation.
As of yet, none of Zopp0’s other alleged sham businesses have gone through public employee discontent. Nonetheless, ZachXBT also compiled a list of influencers who helped pump OpSec’s social media presence. He warned of a heightened risk of scammers due to crypto’s bull run and encouraged users to conduct due diligence.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
The recent Bitcoin rally has driven Coinbase to the ninth spot in global app rankings, followed by Robinhood at 13.
This surge in popularity marks a resurgence of retail interest, as Coinbase was ranked 435 the night before the US elections.
Retail Interest Revives: Coinbase Climbs to Ninth Globally in App Store
Coinbase’s rapid rise reflects retail investors returning to the crypto market, eager to join the Bitcoin rally. With Bitcoin’s price on the rise, users are downloading trading apps in large numbers to participate.
Robinhood, another major trading platform, is also trending upward, now ranking 13 in the US App Store, while CashApp trails behind at number 30. This simultaneous growth for Coinbase and Robinhood shows a renewed demand for easy-to-use crypto trading platforms.
In March 2024, Coinbase reappeared among the top 100 apps for a brief period. It was the first time it had done so since two years prior, marking the beginning of this renewed interest.
Now, its spot in the top 10 confirms a new wave of retail adoption, likely driven by Bitcoin’s recent performance. As retail investors respond to these market shifts, the crypto space appears to be gaining fresh momentum.
When Bitcoin and other cryptocurrencies surge, retail investors flock to trading platforms, fueling increased app downloads. Robinhood’s ranking at 20th also suggests that traditional trading apps that cater to retail crypto demand stand to make significant gains.
Known primarily for stock trading, Robinhood now attracts users seeking both stock and crypto investments in a single app. This rise of Robinhood signals that retail investors want easy, simplified access to crypto, especially during price surges.
“Bitcoin sentiment check: Coinbase App Store ranking on apple iOS 7 day moving average = 191 Possibly only 1-2 weeks away from hitting extreme levels, based on the current pace. *The app reached no.1 in December 2017, April 2021, and November 2021,” said one analyst on X on November 11.
Polymarket Bets on the Bitcoin Rally
Polymarket bettors have been quick to jump on the subject. At the time of writing, users estimate a 58% chance that Coinbase will remain among the top 10 free apps on November 15.
In the crypto industry, app rankings often signal market enthusiasm and can indicate an approaching bull market. This trend also highlights how retail adoption shapes the market for crypto apps.
As platforms like Coinbase climb app rankings, they reveal the crypto market’s vibrancy and responsiveness to price gains. If this pattern persists, more crypto apps could gain popularity, attracting even more retail investors.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price is up over 15% and moving higher above the $0.740 support zone. The price could accelerate higher if it clears the $0.8450 resistance zone.
- XRP price started a strong increase above the $0.720 resistance.
- The price is now trading above $0.750 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.7400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $0.7240 support zone.
XRP Price Gains Strength
XRP price remained supported above the $0.620 level. It formed a base and started a strong increase above $0.7000. It outperformed Bitcoin and Ethereum in the past two sessions, with a move above the $0.740 resistance.
The price even climbed above the $0.850 level before the bears appeared. A high was formed at $0.8989 before there was a pullback. The price dipped below $0.820 and tested $0.720. It tested the 61.8% Fib retracement level of the upward move from the $0.6700 swing low to the $0.8989 high.
The price is now trading above $0.750 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.740 on the hourly chart of the XRP/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $0.6700 swing low to the $0.8989 high.
On the upside, the price might face resistance near the $0.8450 level. The first major resistance is near the $0.8880 level. The next key resistance could be $0.900. A clear move above the $0.900 resistance might send the price toward the $0.9250 resistance.
Any more gains might send the price toward the $0.9550 resistance or even $0.9620 in the near term. The next major hurdle might be $0.9850.
Are Dips Limited?
If XRP fails to clear the $0.8450 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.80 level. The next major support is near the $0.7550 level.
If there is a downside break and a close below the $0.7550 level, the price might continue to decline toward the $0.740 support in the near term. The next major support sits near the $0.7240 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.8000 and $0.7550.
Major Resistance Levels – $0.8450 and $0.8880.
Bitcoin price saw a short-term correction from the $93,450 zone. BTC is now consolidating gains near $87,000 and might attempt another increase in the near term.
- Bitcoin started a downside correction from the $93,450 zone.
- The price is trading above $87,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $87,000 zone.
Bitcoin Price Starts Downside Correction
Bitcoin price attempted more gains above the $93,000 level. BTC traded to a new all-time high at $93,435 and recently started a short-term downside correction.
There was a minor decline below the $90,000 level. The price even dipped below the $88,000 level. A low was formed at $86,621 and the price is now consolidating. It is slowly moving higher and trading near the 23.6% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low.
Bitcoin price is now trading above $87,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $90,000 level. There is also a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low. The first key resistance is near the $90,850 level. A clear move above the $90,850 resistance might send the price higher.
The next key resistance could be $91,500. A close above the $91,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level.
More Downsides In BTC?
If Bitcoin fails to rise above the $90,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,150 level.
The first major support is near the $86,500 level. The next support is now near the $85,280 zone. Any more losses might send the price toward the $82,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 80 level.
Major Support Levels – $87,150, followed by $86,500.
Major Resistance Levels – $90,000, and $91,500.
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