Why CNN Is Being Accused Of Rug Pull?

October 11, 2022

CNN on Monday announced the end of its NFT project “Vault by CNN.”

Vault by CNN was launched as a marketplace for its own NFTs that would “offer collectors the opportunity to own a piece of history.”

In April,  Press Gazette reported CNN had pulled in more than $300,000 from the sales.

Crypto community called out CNN for “rug pull” for discontinuing the NFT project.

In a Discord channel for the service, CNN announced plans to compensate the users who “joined them in the experiment.”

CNN did not provide any specific reason for the shutdown. But plummeting NFT sales could have led to this decision.

The last NFT bought on the market place was the “CNN Defining Moments” token commemorating Nelson Mandela’s release from prison for $77.