Rug Pull

In cryptocurrency terms, the term rug pull refers a scam in which the scammer convinces investors to buy cryptocurrency coins, non-fungible tokens (NFTs), or other blockchain tokens. This drives the price of the token up. The scammer then pockets the money, and abandons the blockchain project. The purchased tokens are either not turned over to investors, or become worthless, and the promises made by the project’s developer do not materialize.  

The term rug pull suggests that investors have the rug pulled out from under their feet. Well-known rug pull scams include the OneCoin Ponzi scheme, and the Thodex cryptocurrency exchange.

 

More on this topic:
How to recognize investment scams
Should I invest in cryptocurrency?

Editor Raphael Knecht
Raphael Knecht was an analyst and a specialized editor at moneyland.ch until the end of February 2023. Since then, he is supporting the editorial team as a freelancer.
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