None Trading, a trading tool for cryptocurrencies and nonfungible tokens built on Discord, has shut down due to a "critical exploit" within its infrastructure.
According to the September 20 announcement, None Trading developers said that it has "lost a significant amount of funding" as well as "team tokens" crucial for its operations. "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," developers wrote.
"As a result, we are left with no other option but to cease operations as a company."
At the time of publication, the project's Discord, Telegram, and official websites have been taken down. None Trading wrote that token holders will have a 30-day window to claim their rewards before going offline. The None Trading token (NONE) plunged nearly 80% on the news to $0.074 apiece. At the time of launch last month, NONE had a self-reported market cap of $16.5 million. The project was launched in May.
Prior to its shutdown, None Trading held itself as the "all-in-one trading solution directly in discord." Users could either access the bot for free or pay a 300 NONE fee for premium trading. The None Trading bot then collected 0.3% to 0.6% commission based on each trade. Its anonymous CEO, Carve, claimed to be a 19-year-old who has been in the NFT and token space since 2021, having developed several 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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