None Trading, a trading platform designed for both cryptocurrencies and nonfungible tokens (NFTs) and hosted on Discord, has announced its closure due to a “critical exploit” within its system.
In a statement released on September 20th, the developers of None Trading cited significant financial losses and the loss of “team tokens” that were essential for the platform’s operations as the primary reasons for their decision. They also lamented the departure of three core team members, whose roles were critical to the project’s health. Regrettably, these circumstances have left the company in an untenable financial and infrastructural state, making it impossible to continue its operations effectively, as explained by the developers.
“As a result, we are left with no other option but to cease operations as a company.”
As of the time of this announcement, None Trading’s Discord, Telegram, and official websites have been taken offline. The developers have granted token holders a 30-day window to claim their rewards before the platform goes offline permanently. Following the announcement, the value of the None Trading token (NONE) plummeted by nearly 80%, reaching $0.074 per token. Notably, at its launch just last month, NONE boasted a self-reported market capitalization of $16.5 million. The project was initially introduced in May.
Before its closure, None Trading positioned itself as an “all-in-one trading solution directly within Discord.” Users had the option to access the bot for free or, for premium trading services, pay a fee of 300 NONE tokens. The None Trading bot, in turn, levied commissions ranging from 0.3% to 0.6% on each trade. The project was led by an anonymous CEO known as Carve, who claimed to be a 19-year-old with experience in the NFT and token space since 2021, having previously developed various projects.