None Trading, a prominent trading tool for cryptocurrencies and non-fungible tokens (NFTs) on Discord has announced its decision to cease operations following a significant security exploit.
In an official statement posted on X (formerly Twitter) on September 20, the company cited the security breach as the primary reason for its closure.
The security breach dealt a heavy blow to None Trading, resulting in substantial financial losses, including the crypto funds necessary for its day-to-day operations.
Moreover, the company faces an additional challenge, as three key team members, who were in charge of running the company’s functionality, have departed.
While the company has not disclosed the exact amount lost due to the security breach, some users speculate that it might be in the vicinity of 40 ETH.
This uncertainty has left many within the crypto community skeptical about the circumstances surrounding the shutdown.
Critics have raised concerns about the lack of detailed information regarding the extent of the losses and the identity of the responsible party.
Some members of the crypto community even suspect foul play, with speculations of a potential rug pull or outright scam.
An X user with the handle @RealCrypto420 was quoted on a tweet saying:
“These guys ^ jumped ship the moment they realized money no lavish anymore, and
I thought failure was not in you vocabulary?”
What a big L by how this all has been handled, as the tale goes, don’t let kids control the wheel.
Furthermore, the None Trading token, launched on August 4th, was gaining significant attention within a short span of time. However, as a response to the shutdown announcement, the value of the None Trading token (NONE) experienced a dramatic decline, plummeting by approximately 80% to a price of $0.073 per token at the time of the announcement.
In just three days after its launch, the token had amassed a community of over 1,600 holders and generated $60,000 in profits distributed among its community members.
Even though None Trading closed down suddenly, the incident has brought up important issues about security in the crypto world and the need for transparency when such incidents happen.
We continue to wait patiently for more information on this. Hopefully.