Type of Scam

Rug Pull

Definition

A type of cryptocurrency scam where developers abandon a project and run away with investors' funds. The term refers to 'pulling the rug out from under' investors. This typically happens with new crypto tokens or DeFi projects.

Real Examples

1Squid Game Token that crashed 99.99% in minutes
2Frosties NFT project where founders disappeared with $1.3M
3AnubisDAO that stole $60 million in 20 hours

Related Terms

Pump and Dump Exit Scam

Think you might be a victim of this type of scam?

Analyze any URL or message instantly with our free tool.

Analyze Now

Other Glossary Terms

Ponzi Scheme

A fraudulent investment scheme where returns for earlier inv...

Pyramid Scheme

A business model that recruits members via a promise of paym...

Phishing

A type of cyber attack that uses fraudulent emails, text mes...

Pump and Dump

A scheme where scammers artificially inflate (pump) the pric...

Romance Scam

A confidence trick where a scammer creates a fake online ide...

Pig Butchering

A sophisticated scam combining romance and investment fraud....