CNN has been accused of a “rug pull” after it suddenly shut down its Web3 project Vault by CNN, leaving collectors blindsided. Additionally, unsold NFTs are to be burned, making the remainder “rarer.”“Rug pull”Despite reassurances, collectors in their Discord server expressed disappointment. Many worried that they wouldn’t get their money back and accused CNN of a “rug pull,” a term describing a situation where investors or collectors are blindsided by a project suddenly being abandoned by developers, leaving them with nothing. No one will welcome CNN entering web3 if NFTs ever blow up again,” wrote another user. The announcement came with little explanation, and several signs indicate that CNN was planning to continue its NFT project.

Source: CNN October 11, 2022 21:10 UTC