CNN Shuts Down NFT Web3 Project Vault Amid \'Rug Pull\' Accusations

Cable news network CNN has officially ended its Web3 and NFT experiment, Vault by CNN. The announcement, made via the official Vault by CNN Twitter account, stated, “We have decided that it’s time to say goodbye to the Vault by CNN.” This sudden closure has sparked controversy, with some accusing CNN of orchestrating a "rug pull" – a common crypto scam where project developers abruptly abandon a project, leaving investors with worthless assets.

Vault by CNN Shutdown Leaves Collectors Blindsided

The unexpected shutdown of Vault by CNN has left NFT collectors blindsided and questioning the future of their digital assets. Parker Molloy highlighted the abrupt end to CNN\'s foray into Web3, noting the implications for those who invested in the platform\'s NFTs.

Accusations of a Crypto \'Rug Pull\' Surface

Following the closure announcement, CNN has been accused of a “rug pull” by members of the Web3 community. Critics argue that CNN\'s decision to drop the development of its Web3 venture, as indicated in a recent announcement shared on the official Twitter account of Vault by CNN, constitutes a breach of trust with those who invested in the platform\'s NFTs. The move prompted some to accuse CNN of orchestrating a rug pull – a type of crypto scam where creators pull the plug on a project suddenly and make off with investor funds, leaving many questioning the media giant\'s commitment to the Web3 space.