Two Charged in $1.1 Million NFT ‘Rug and Pull’ Scheme

Published by
The Street

By Veronika Bondarenko Two U.S. men were charged in connection to a “rug pull” scheme that misled hopeful NFT buyers. With popular NFTs selling within minutes for hundreds of thousands of dollars, the potential for scams is also high. As hopeful buyers move fast to score a deal, fraudsters can take advantage of that frenzy to try to sell fakes, mislead buyers or, in some cases, outright hack and steal NFTs. An acronym for nonfungible token, NFTs are a way of asserting ownership over a piece of online content like a photo or recording. While some are tied to celebrities or historical events, ma…

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