Class Action Lawsuit Calls Nike’s Shutdown of RTFKT NFT Studio a ‘Soft Rug Pull’

A new lawsuit accuses Nike of securities fraud and committing a “soft rug pull” with its shutdown of NFT producer RTFKT. Attorneys seeking $5 million in damages filed the lawsuit in New York federal court on April 25 on behalf of Jagdeep Cheema and a class of other NFT buyers. “In the crypto world, a ‘rug pull’ is when a promoter abruptly abandons a project after raising assets, leaving investors holding the bag,” the lawsuit reads . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant