rug pull
The term "rug pull" originates from the phrase "pulling the rug out from underneath," and it is commonly associated with scams in the cryptocurrency and DeFi spaces.
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Definition
C1Cryptocurrency
(informal, slang)A scam where developers promote a project to attract investment and then suddenly withdraw all funds, leaving investors with worthless assets.
Example
- The new token turned out to be a rug pull, and many investors lost their money.
- Always research thoroughly to avoid falling victim to a rug pull in the crypto market.
C1General
(informal, slang)A sudden and unexpected withdrawal of support or resources, causing a project or venture to collapse.
Example
- The sudden funding cut was a rug pull that led to the project's failure.
- When the main sponsor backed out, it felt like a rug pull for the entire team.
Similar
Terms that have similar or relatively close meanings to "rug pull":