When you get a service to trade cryptocurrency and NFTs on Discord, that's great. If you spend so much time on Discord, maybe you like to trade sometimes over there. Unfortunately, None Trading, a trading bot on Discord for trading crypto and NFTs, shut down its operation due to a critical exploit.
None Trading lost a significant portion of its funds in this attack. Moreover, they lost team tokens which are important to run its operation. A company does not like to close the business that they built so far. They will always do their best to recover from any loss in order to move forward.
None Trading finds it impossible to move on since three core team members left the company. The financial situation of the company is not satisfactory. And it may not come back due to losing core team members. If core team members were together, they had a chance to come back and handle this situation successfully.
Exploits and hacks are serious threats to a company which can put any business in a vulnerable position. A company should have a dedicated core team that will always be there to deal with challenging situations. If they get help from others financially, they can run the operation and gain customers' trust.
Just one month ago, None Trading market cap was $16.5 million. Now they have taken down their Discord, Telegram, and official websites. Token holders can claim any rewards and they still have 30-day window to do that. In case you are a token holder, it is better to claim any rewards you have as soon as you can.
None Trading used to charge 0.3%–0.6% commission on trading cryptocurrencies and NFTs. People could do trading using None Trading for free. It also had a premium trading feature to do trading. Now this is history. Users cannot use this trading service anymore. This would be different if it was not exploited.
You like some crypto platforms and their services. You expect it will improve and get better in the future. In crypto, things change very fast, and due to exploits and challenging market conditions, many crypto platforms are forced to discontinue their operation. A bear market is tough to survive in crypto.
If crypto companies are managed to survive in a bear market, there is a high chance they will grow exponentially in the bull market. It is sad to see what happened with None Trading. Wish crypto companies would not end up like this.
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Reference: 1.
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