Critical System Exploit Forces Cryptocurrency Platform None Trading to Cease Operations
Summary:
After experiencing a "critical exploit" within its system, None Trading, a cryptocurrency and non-fungible token trading platform, has ceased all operations. The closure ensued after a significant loss of funds and necessary tokens, alongside the withdrawal of three key team members. The shutdown has led to the None Trading token (NONE) plummeting nearly 80% in value. Prior to the shutdown, the platform allowed users to manage trades directly through Discord, taking a commission on each transaction.
None Trading, a cryptocurrency and non-fungible token trading platform operating through Discord, has ceased all functions due to a critical malfunction in its system. The developers reported on September 20 that the project has incurred a massive financial loss and has also lost essential team tokens required for its operation. This major setback also led to the withdrawal of three vital team members, leaving the company in a detrimental financial and infrastructural state, causing its operations to halt entirely.
The project's official communication channels, including its Discord, Telegram, and official websites, are currently deactivated. None Trading has also informed that token holders possess a timeframe of 30 days to secure their rewards before the platform becomes entirely defunct. The news of the shutdown led to a sharp decline in the value of the None Trading token (NONE), plummeting almost 80% to just $0.074 each. Upon its launch last month, NONE had reported a market cap of a staggering $16.5 million. The project began its journey in May earlier this year.
Before its untimely closure, None Trading branded itself as a one-stop solution for trades performed directly within Discord. Users could freely use the bot or pay a 300 NONE fee for premium trading. The None Trading bot would then impose a commission of 0.3% to 0.6% on each trade. Carve, the anonymous CEO of None Trading, asserted being a 19-year-old who has worked on several projects in the NFT and token space since 2021.
A remorseful message was put out to the None Trading Community on September 20, expressing profound regret for the unfortunate turn of events that led to this difficult decision.
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Published At
9/20/2023 3:30:00 PM
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