None Trading, a trading tool catering to cryptocurrencies and non-fungible tokens on Discord will close its doors to customers.
The company attributed this decision to a security exploit in an official statement posted on X (formerly Twitter) on September 20.
None Trading revealed that this security breach resulted in a substantial loss of funds, including the crypto funds necessary for its operations.
Adding to the woes, three key team members crucial to the company’s operation have departed.
However, the organization did not reveal how much was lost, but some users speculate that the company might have lost about 40ETH in the exploit.
In the coming hours, None Trading plans to commence the process of archiving and, if necessary, shutting down its website, Discord server, and Telegram channel.
The crypto company has provided a 30-day grace period to token holders. During this window, users can claim rewards and withdraw tokens from the NT bot before it is taken offline permanently.
The company also clarified that specific commands, such as “withdraw,” “get_priv,” and “portfolio,” will remain operational while all other functionalities and commands have been disabled.
Doubts Around the Shutdown
The Discord trading bot did not disclose the extent of their losses in the critical attack or identify the responsible party.
This lack of detailed information has led to skepticism within the crypto community, with many suspecting the shutdown to be a potential rug pull or outright scam.
An X user with the handle “Onlyjpegsol” accused Amadeo Raffy, the CEO of NONE, of being a scammer based in the UAE. The handle also tagged the Dubai police in its tweet.
Another X user with the handle “___deandree” mocked the CEO for shutting down due to the loss of significant funds. The user pointed out that such losses shouldn’t be a major concern for the CEO, given his billionaire status.
Following the announcement of the shutdown, 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.
The $NONE token, introduced on August 4th, attracted substantial attention due to its sophisticated trading bot for cryptocurrencies and NFTs.
Within three days of its launch, the token amassed a community of over 1,600 holders and generated $60,000 in profits distributed among its community members.
The trading bot received acclaim for its advanced algorithms and real-time data analysis capabilities and was hailed as the ideal trading partner for traders of all experience levels.