NFT “rug pull” scam caught on video


NFT adoption in the corporate blockchain could come to a halt if more “rug pull” scams arise. In a Sifted article, Demetris Papadopoulos, a marketing consultant and YouTuber who lives in Athens, relays how he lost $1,200 last October when he tried to buy a picture of a cartoon monkey online. 

“It was another in a long line of NFT ‘rug pulls’, a term for when developers take the money and run. And yet, as is the case with a surprising number of NFT scam victims, the experience hasn’t put Papadopoulos off — already the next day he was able to see the positive side. 

“I was part of history: not everyone has footage of a real-time scamming.”

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