Opencart 3.x Image src unknown error

Few days ago one of our client reported an error on his opencart store that was working perfectly in past. However suddenly it started giving error with the product images. He was not able to upload, edit, view images under admin panel as well as on front-end.

Images were failed to load on web site, and when i checked the source of images i found unknown or empty src. I tried to fix the errors while googling this issue but could not find any solution. Apparently i found out there is an image compressor php script included in the opencart. I just opened it at following location :

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