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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Does this mean that the investors in the platform lost a lot of their money? Or will they be able to claim back what they lost before the window closes. It sucks to hear and I wouldn't be surprised if one of the developers who left hacked the funds.
It is definitely a loss for those who made an investment in this project. If three core team members did not leave the company, they could think of working hard to fix this. That is not going to happen now.
These types of issues bother me, I no longer trust, in many cases it is the owners of the platforms who are to blame and they leave with what belongs to the people and obviously their investments.
People who are behind the project are very important. If they are not good enough, even a promising project can fail in the end.