Two NFT projects – y00ts Yacht Club and Project Kaito – have rug pulled in the past 24 hours. NFT Twitter detectives are calling out these two projects and the teams that have pulled this rug, demanding an explanation.
The Y00ts Yacht Club creators allegedly ran away with the liquidity pool.
Y00ts Yacht Club and Project Kaito Rug: What we know so far
According to @HashBastardsNFT, y00ts Yacht Club’s Discord, website, and social media profiles have disappeared, alongside 1634 ETH traded. Before this rug pull, y00ts Yacht Club was shaping up into a legit project. Even NFT whale Franklin had bought in.
Additionally, Project Kaito’s social media profiles have also disappeared, plus 287 ETH traded. So far, no one has come out to dissuade people that a rug pull did not happen. Therefore, it seems likely that a rug pull has taken place.
NFT Twitter had a lot to say about the y00ts Yacht Club and Project Kaito rug pulls. “Let’s be fair though. If someone bought into Yoots YC they should have had 0 expectations from the project,” tweeted@NeonApesYC. “It’s literally a troll between Yoots and BAYC. The only investors were people trying to flip, but someone gets stuck holding the bag.”
“I am always astonished that these derivate collections [referring to Y00ts Yacht Club] even get traded with such a high volume. There are legit projects working their ass off to deliver a good product with less volume. “pays tribute” is already a red flag for me,” tweeted @MISTER_Kangaroo.
What is a rug pull?
Rug pulls take place when project developers abandon a crypto or NFT project and run away with the money. Once a large number of collectors or investors trade their crypto for the token, the creators withdraw from the liquidity pool and delete the project from social media.
