None Trading, a trading tool built on Discord for cryptocurrencies and nonfungible tokens, has just shut down due to a “critical exploit” within its infrastructure. The bot was valued at $16.5 million during its token debut last month.
According to their announcement today, None Trading developers stated that the project 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 who 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 had all been taken down. None Trading wrote that token holders will have a 30-day window to claim their rewards before going offline. The project was launched in May. At the time of launch last month, NONE had a self-reported market cap of $16.5 million. Currently, The None Trading token (NONE) plunged nearly 80% on the news to $0.074 apiece in response to the news.
NONE 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. Before 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.
An official statement from None Trading stated;
After a statement given on their official account on “X” (formerly Twitter), different comments spiked up from users saying that the company was handled by “inexperienced personnel”, while others sympathized with the company on the challenges they’re facing due to the shutting down of the company.