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None Trading

Passive Income

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 <p>None Trading, a cryptocurrency and NFT <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> platform built on Discord, announced its immediate shutdown on Sept. 20 due to a “critical <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>” in its infrastructure that resulted in substantial financial losses, including “team tokens” crucial for business operations.</p> 
 <p>The shutdown announcement revealed that the <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a> had put the company in an untenable position, both financially and infrastructurally.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Dear None Trading Community,<br><br>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…</p>— NONE (@nonethio) September 20, 2023 
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 <p>The company noted the losses were so significant that three core team members left the company, making it “simply impossible” to continue running the project effectively. As a result, the decision was made to cease all company operations.</p> 
 <p>Following the announcement, None Trading’s Discord, Telegram, and official websites were taken offline. Token holders were informed they would have a 30-day window to claim any rewards before the platform would go completely offline.</p> 
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 <p>The market impact of the announcement was immediate: the value of the None Trading token (NONE) dropped by nearly 80%, settling at $0.074. This came after the company reported a market cap of $16.5 million at its launch just one month prior.</p> 
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   <img decoding="async" width="1024" height="1024" src="https://cdn.thebittimes.com/images/2023/09/21/61eb61694c52877a6b88a11e94aa98af.webp" alt="$16.5M Discord crypto trading bot shuts down after exploit - 1"> 
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    24-hour daily chart of $NONE from CoinGecko 
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 <p>Before its closure, None Trading operated as a <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> tool offering services directly through Discord. Users had the option to access the bot for free or pay a 300 NONE fee for premium <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a>. The platform charged a commission between 0.3% and 0.6% on each trade carried out via the bot.</p> 
 <p>The anonymous CEO, known as Carve, was a 19-year-old who claimed to have been involved in the NFT and token market since 2021. Despite the relatively short period of operation, the platform had positioned itself as an “all-in-one trading solution” for digital assets.</p> 
 <p>This shutdown incident highlights challenges in maintaining robust security protocols, particularly for projects that may not have extensive operational experience.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/16-5m-discord-crypto-trading-bot-shuts-down-after-exploit-tbt63430.html">https://thebittimes.com/16-5m-discord-crypto-trading-bot-shuts-down-after-exploit-tbt63430.html</a></p>

$16.5M Discord crypto trading bot shuts down after exploit

TheBitTimes

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