Peer-to-peer crypto trading platform NoOnes said it will begin winding down operations after more than three years in business. The company said it had spent time trying to resolve and lift sanctions imposed on NoOnes, but those efforts did not succeed. According to the platform, the sanctions cost it key partners and led blockchain monitoring firms to flag transactions tied to NoOnes as high risk, making normal operations increasingly difficult.
Under the timetable released by the company, the wind-down started on Aug. 17. Its P2P marketplace is scheduled to shut at 23:59 UTC on Aug. 21. Other services, including Swap, NoOnes Visa, fiat withdrawals, the gift card store and the Bitcoin Lightning Network, will also be discontinued in stages. After that, the platform will move to a withdrawal-only mode, allowing users to log in, check balances and remove remaining assets. NoOnes urged users to withdraw funds as soon as possible and no later than Aug. 23.
The shutdown follows an earlier security incident disclosed by the platform. NoOnes had said a major security breach led to roughly $8 million in crypto losses. Chief executive Ray Youssef confirmed the attack after on-chain investigator ZachXBT disclosed it on his Telegram channel.
Peer-to-peer crypto trading platform NoOnes said it will start a gradual shutdown after operating for more than three years.
The company said it had continued trying to resolve and remove sanctions imposed on NoOnes, but those efforts ultimately failed. According to the platform, the sanctions caused it to lose key partners, while blockchain monitoring organizations flagged transactions connected to NoOnes as high risk, making it harder and harder for the business to keep operating normally.
Shutdown timetable has already started
NoOnes said the business wind-down began on Aug. 17. Its P2P marketplace will close at 23:59 UTC on Aug. 21. Services including Swap, NoOnes Visa, fiat withdrawals, the gift card store and the Bitcoin Lightning Network will also be discontinued in stages.
After that, the platform will switch to withdrawal-only access. Users will still be able to log in, check balances and withdraw remaining assets. The company advised users to complete withdrawals as soon as possible, with Aug. 23 set as the latest recommended date.
Platform had previously disclosed a security breach
NoOnes had earlier revealed that it suffered a major security vulnerability that resulted in about $8 million in crypto asset losses. Chief executive Ray Youssef confirmed the hack after on-chain investigator ZachXBT disclosed the attack on his Telegram channel.
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