Nike Lawsuit Alleges Rug Pull in RTFKT NFT Project

A class-action lawsuit has been filed against Nike, alleging the company orchestrated a $5 million “rug pull” following the shutdown of its RTFKT NFT project. The plaintiffs, represented by RTFKT holder Jagdeep Cheema, claim Nike promoted sneaker-themed NFTs with promised benefits like exclusive events and limited-edition drops, profiting from sales before abruptly shutting down the platform in January 2025. This allegedly left investors with worthless digital assets and incurred significant losses.