April 19, 2024
none trading has ceased operations
Latest Cryptocurrency News

Cryptocurrency Trading Platform None Trading Forced to Halt Operations After Security Breach

None Trading, a trading platform designed for cryptocurrencies and nonfungible tokens (NFTs) that was built on Discord, has been forced to cease its operations due to a severe vulnerability within its infrastructure.

In an announcement made on September 20, None Trading disclosed that it had suffered substantial financial losses, including the loss of critical team tokens necessary for the platform’s functionality. Additionally, the project experienced the departure of three core team members vital to its smooth operation. This unfortunate series of events has left None Trading in an untenable financial and infrastructural situation, rendering it incapable of continuing its operations effectively.

Consequently, the only viable course of action left for the company is to halt its operations entirely. As of the time of this announcement, None Trading has taken down its Discord, Telegram, and official websites. Token holders have been granted a 30-day window to claim their rewards before the platform goes offline. Following this news, the value of the project’s NONE token plummeted by nearly 80%, trading at a rate of $0.074 per token. Notably, at its launch just last month, NONE boasted a self-reported market capitalization of $16.5 million. The project initially debuted in May.

Before its closure, None Trading positioned itself as the all-in-one trading solution directly in Discord. Users were provided with the option to access the bot for free or opt for a premium trading experience by paying a $300 NONE fee. The None Trading bot collected commissions ranging from 0.3% to 0.6% on each trade. The project was helmed by its anonymous CEO, known as Carve, who claimed to be a 19-year-old actively involved in the NFT and token space since 2021, with a track record of developing multiple projects.

Image by pixabay

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