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None Trading, a cryptocurrency and nonfungible token trading tool developed on Discord, has ceased operations due to a "critical exploit" within its system.
In an announcement made on September 20, the developers of None Trading stated that they have "lost a significant amount of funding" along with "team tokens" essential for its functioning. "Additionally, we have lost 3 core team members who are vital for maintaining the project effectively. This unfortunate situation has placed us in a financial and infrastructural condition that renders it impossible to continue operating the company efficiently," the developers noted.
"Consequently, we have no choice but to halt operations as a company."
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As of the time of publication, the project’s Discord, Telegram, and official websites have been taken offline. None Trading announced that token holders will have a 30-day period to claim their rewards before the services are discontinued. The None Trading token (NONE) fell nearly 80% following the announcement, dropping to $0.074 each. At its launch last month, NONE had a self-reported market capitalization of $16.5 million. The project was initiated in May.
Before its closure, None Trading promoted itself as the "all-in-one trading solution directly in Discord." Users had the option to access the bot for free or pay a fee of 300 NONE for premium trading services. The None Trading bot charged a commission ranging from 0.3% to 0.6% on each trade. Its anonymous CEO, Carve, claimed to be a 19-year-old who has been involved in the NFT and token sector since 2021, having developed multiple projects.
Dear None Trading Community,
It is with a heavy heart that we must deliver some unfortunate news today. We want to begin by expressing our deep sorrow and regret for the recent events that have transpired, which have forced us to make an incredibly difficult decision. None…— NONE (@nonethio) September 20, 2023
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