The Discord Crypto Trading Bot Shuts Down Due to Critical Exploit
A popular crypto trading bot on Discord, None Trading, has announced that it is ceasing operations due to a “critical exploit” that has affected its infrastructure. This incident has resulted in a significant loss of funding and the team tokens necessary for the company’s operations.
The Discord Crypto Trading Bot Had No Alternative
The exploit has rendered None Trading inoperable, making it impossible for the company to continue running effectively. The statement does not provide details about the nature of the exploit or the extent of financial losses incurred. However, it mentions that three core team members have left, who were crucial for maintaining smooth operations.
None Trading explains that it will delete all content soon and conduct due diligence on online security platforms. The website, Discord server, and Telegram channel will be archived or taken down as necessary.
Token holders have a 30-day window to claim their rewards on the website before it goes offline. Users also have the same timeframe to withdraw their tokens and funds from the None Trading bot. All transactions must occur within this window before the bot becomes permanently offline.
Recent Alert Advises Caution with Trading Bots
The incident has raised skepticism within the community, with users expressing concerns on the official post. Blockchain investigator ZachXBT has been tagged for his input. Blockchain security firm Certik recently warned against investment in crypto trading bots, stating that over 40% of Telegram bot tokens could potentially be exit scams.
Meanwhile, major crypto exchanges are incorporating AI to streamline operations and provide real-time trading information to users. By integrating ChatGPT into their tools, exchanges like ByBit aim to enhance investors’ decision-making process by providing them with more comprehensive information.
Hot Take: Proceed with Caution when Using Trading Bots
The shutdown of None Trading highlights the risks associated with using crypto trading bots. It is crucial to exercise caution and conduct thorough research before investing in such platforms. The incident serves as a reminder that the crypto space is vulnerable to exploits and scams, emphasizing the need for robust security measures and due diligence. As the industry evolves, it is essential for traders and investors to stay informed about potential risks and adopt best practices to protect their assets.
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