Investors are furious.
over the weekend, those same investors were mighty displeased to learn that they would only be making back about 20 percent of what they'd paid upfront, per Vault by CNN Discord messages reviewed byAs recently as last month, the report notes, the project was pushing investors to purchase more tokens to access future events, like its "Art of Voting" series that was going to drop on Election Day in November.
In at least one message, Vault by CNN Discord users charged the project with "rug-pulling," a crypto term that means exactly how it sounds: when the people behind a given asset talk up its value, only to cancel it at the last minute, essentially pulling the rug out from under investors. In stocks, that trick has long been known as a "pump and dump" scheme.
"Nothing like teasing different utility... then essentially pulling the rug on a moment's notice," one of the investor messages on the Vault Discord read. "Is an announcement of rug [pulling] supposed to be consoling to a community who waited patiently for slow-but-promised utility?" The "different utility" this user was referring to not only includes the NFTs themselves, but also "Exclusive CNN perks" and "Exclusive Vault merch," both of which are still listed as "coming soon" in the
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