None Trading, a cryptocurrency and non-fungible token (NFT) trading tool integrated within the Discord platform, has made the difficult decision to cease its operations due to the emergence of a “critical exploit” within its underlying infrastructure.
This revelation, delivered through an announcement on 20 September, carries significant ramifications, as the project cites substantial financial losses and the compromise of “team tokens” that play a pivotal role in sustaining its functions.
As a result, the project’s Discord channel, Telegram group, and official websites have all been taken offline, marking a sudden and unsettling disruption within the cryptocurrency trading community.
The statement expressed that:
“Alongside this, we have lost 3 core team members that are required to keep the project running healthily. This unfortunate incident has put us in a financial and infrastructural position that makes it simply impossible to continue running the company effectively…As a result, we are left with no other option but to cease operations as a company.”
However, the statement refrained from divulging the specifics regarding the nature of the exploit or the extent of financial losses suffered.
None Trading has implemented a 30-day window for tokenholders to claim their rewards before the platform goes permanently offline, signifying the earnest desire to uphold its commitments to its users.
Likewise, users will find themselves operating within this same timeframe for the purpose of initiating withdrawals of their tokens and funds from the None Trading bot.
Notably, the statement makes mention of the prompt disbursement of payments to all victorious participants in the trading competition.
This development has not been without its impact on the cryptocurrency community, eliciting a discernible sense of skepticism.
Users have voiced their concerns and insights on the official post, even taking the initiative to draw the attention of blockchain investigator ZachXBT for his valuable perspective.
In the wake of these developments, the NONE token, a linchpin of the project’s ecosystem, experienced a precipitous drop, plummeting by nearly 80% to a value of $0.074 per token.
This stark decline stands in stark contrast to the project’s self-reported market capitalisation of $16.5 million at the time of its launch just last month, underscoring the magnitude of the challenges it now faces.