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Crypto trading bot shuts down amid ‘critical exploit’

2min Read

Trading bot None Trading shuts down citing a “critical exploit” as the CEO, known only as “Carve,” remains anonymous.

Crypto trading bot shuts down amid 'critical exploit'

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  • Crypto bot None Trading took down its Discord and Telegram servers.
  • Token holders had a 30-day window to claim their rewards before the platform ceased operations.

A Discord-based cryptocurrency and non-fungible token [NFT] trading bot, known as None Trading, ceased its operations following the discovery of a “critical exploit” within its infrastructure. None Trading also took down its Discord, Telegram, and official websites. The news was announced via None Trading’s X (formerly Twitter) account.

As a result of this incident, None Trading expressed its inability to continue running the company effectively. This left them with no choice but to terminate their operations entirely.

Token holders had a 30-day window to claim their rewards before the platform entirely ceased operations.

The project’s native token, NONE, experienced a drastic decline of nearly 80%, plummeting to a value of $0.072 per token at press time. When the NONE token was launched in August, it reported a market capitalization of $16.5 million. None Trading initially launched in May.

Closure due to security vulnerability

Before its closure, None Trading positioned itself as an “all-in-one trading solution directly in discord.” It offered users both free and premium trading options. The project’s CEO, who went by the alias “Carve,” remained anonymous. But as per some sources, he claimed to be a 19-year-old actively involved in the NFT and token space since 2021.

The community responded to the incident with skepticism.

Telegram bot tokens under the radar

Certik, a blockchain security firm, recently cautioned against investing in crypto trading bots. On 13 September, Certik issued a warning on X (formerly Twitter), where they revealed that their data indicated a surprisingly high number of potentially fraudulent Telegram bot tokens.

Certik had also issued a warning against investing in Telegram bot tokens, expressing concerns that over 40% of these tokens could be potential exit scams. The surge in popularity of Telegram bot tokens, which have seen gains of over 1000%, raised authenticity concerns.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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