NeoNexus Cease Operations in Community-Dubbed ‘Slow Rug’

The NeoNexus team has announced that its token sale will be cancelled due to a put option on the company’s tokens. The move would have been catastrophic for investors and NEXUS holders alike, as the value of their holdings would plummet by up to 90%.

In the past few months, NeoNexus has been in a slow rug with their community. The company has announced that they will cease operations on November 1st.,

The creators of the NeoNexus metaverse have unexpectedly pulled the plug on their multi-million dollar project, dubbed the latest “slow rug pull.” The team’s departure, according to the project’s creator, Jack Shi, is due to a dip in the price of the platform’s chosen cryptocurrency, SOL. 

Shi took to the official NeoNexus Twitter account to share the bad news, saying that the team can’no longer continue healthy development of the NEONEXUS project,’ and that he would like to ‘hand over the project to our community, or a community-selected party for takeover if that’s feasible/possible.’

“It has been tremendously tough trying to build and continue our project in these environment and market circumstances where the price of SOL has plummeted so much and the activity, volume, and interest in the whole Solana NFT area has diminished,” Shi said to the 13,000-member NeoNexus Discord chat.

Over 20 employees of the project’s parent firm, Unlock Defi, will be let off at the end of March, according to Shi.

Many industry observers have subsequently accused the project of pulling a slow rug, citing the team’s departure in the aftermath of many NFT mints that would’ve brought in between $2-4 million (25,000 SOL). The discrepancy in expected produced money, of course, pertains to the shifting SOL prices, which Shi has cited as the basis for the project’s termination.

Despite the fact that the story will be remembered primarily as one that highlights the frequently discussed risk that exists within the NFT and crypto space, the passionate community that inhabits the space has once again banded together to try and mitigate the losses that many investors may have suffered as a result of the announcement.

This has been shown by several NFT projects expressing their sympathy for such unlucky members of the community, with offers such as whitelist places provided to individuals who reacted with ‘NEONEXUS’ in respective Discord channels.

Follow for updates on the project’s fate >> Neonexus Twitter

 

The “solana nft rug pull” is a NFT created by the NeoNexus team. It was pulled from market due to low trading volume and community backlash.

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