A popular Discord crypto trading bot, None Trading, has declared the cessation of its operations due to a ‘critical exploit’ affecting its infrastructure.
“We have lost a significant amount of funding, as well as the team tokens that were crucial for our operations,” the statement declared.
The Discord Crypto Trading Bot Had No Alternative
A recent statement reveals that the exploit has crippled None Trading, rendering it inoperable.
“This unfortunate incident has put us in a financial and infrastructural position that makes it simply impossible to continue running the company effectively.”
The statement did not specify the nature of the exploit or the extent of financial losses incurred.
However, it mentions that the project has experienced the departure of “3 core team members.” These members were allegedly crucial for maintaining smooth operations.
None Trading explains that it will soon delete all content and conduct due diligence on online security platforms.
“we are left with no other option but to cease operations as a company. In the coming hours, we will begin the process of archiving and, if necessary, taking down the None Trading website, Discord server, and Telegram channel.”
Token holders have a 30-day window to claim their rewards on the website before it goes offline.
Similarly, users will have the same timeframe to withdraw their tokens and funds from the None Trading bot. It was warned that all transactions must occur within this window before the bot becomes permanently offline.
Recent Alert Advises Caution with Trading Bots
The statement additionally mentions that they have already disbursed payments to all winners of the trading competition.
The incident sparked skepticism within the community, with users commenting on the official post and tagging blockchain investigator ZachXBT for his input.
Blockchain security firm Certik recently cautioned against investment in crypto trading bots.
Read more: 13 Best AI Crypto Trading Bots To Maximize Your Profits
On September 13, Certik issued a warning on X (formerly Twitter), revealing that their data indicates a surprisingly high number of Telegram bot tokens could potentially be fraudulent:
“Our analysis reveals that more than 40% of Telegram bot tokens may potentially be exit scams.”
On September 20, BeInCrypto reported that major crypto exchanges are now using AI to streamline operations and bolster real-time trading information to users.
Ben Zhou, CEO of the crypto exchange ByBit, clarified that the exchange has integrated ChatGPT into ByBit tools. He explains that it enables investors to enhance their decision-making process by providing them with more comprehensive information.
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