TL;DR Breakdown
- None Trading, a once-promising crypto trading bot company, has ceased operations due to a critical security exploit and the departure of three core team members.
- The $NONE token had quickly gained popularity, amassing over 1,600 holders and generating $60,000 in community earnings before the company announced significant funding and token losses.
- Token holders have a 30-day window to claim rewards and withdraw funds, but the shutdown leaves questions about the sustainability and security of similar projects in the crypto space.
Description
In a shocking turn of events, None Trading ($NONE), once a rising star in the crypto trading bot space, has announced the cessation of its operations. The company cited a “critical exploit within our infrastructure” and the departure of three core team members as the reasons behind this drastic decision. Critical exploit and team departures … Read more
In a shocking turn of events, None Trading ($NONE), once a rising star in the crypto trading bot space, has announced the cessation of its operations. The company cited a “critical exploit within our infrastructure” and the departure of three core team members as the reasons behind this drastic decision.
Critical exploit and team departures lead to shutdown
$NONE token, launched on August 4, quickly gained traction with its high-end trading bot designed for cryptocurrencies and NFTs. Within just three days of the launch, the token amassed over 1,600 holders and generated $60,000 in earnings to be shared among its community. The bot, praised for its advanced algorithms and real-time data analysis, was touted as the ultimate trading companion for both novice and seasoned traders.
However, the dream was short-lived. In a somber announcement, the company revealed that it had lost significant funding and crucial team tokens due to a critical exploit. This, coupled with the loss of three core team members, made it “simply impossible to continue running the company effectively,” according to the statement.
The company has given its token holders a 30-day window to claim their rewards and withdraw their tokens and funds from the NT bot. Trading Competition winners have been paid out, and all remaining Ethereum and token fees have been sent to the reward claim wallet for holder claims.
In an attempt to gain further insights into the situation, we reached out to the team behind None Trading to get a detailed account of the specific vulnerabilities that were exploited, how much funding and tokens were lost as a result, and the roles of the three core team members who have left, and how did their departure impact the decision to cease operations.
None of the team members replied to our queries at the time of publishing.
NONE is a free-to-use trading tool available on Discord. Designed for both cryptocurrencies and NFTs, the platform served as the ultimate companion for traders at all levels. Additionally, membership in the NONE community provided users with a unique benefit – a share in the revenue generated by the bot.
The sudden downfall of None Trading comes as a shock to users who had faith in the company. It also leaves a community of over 1,600 holders in limbo and raises questions about the sustainability and security measures of similar projects in the crypto industry.
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