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Rug Pull

Definition:

An insidious scam where a crypto project takes the funds that have been raised and disappears. They never deliver on roadmap, provide no further utility and buyers are caught holding the bag. This could have been the plan all along and the Discord and twitter mentions can become toxic quickly.

Degen Chat

“Another day, another rug pull in NFT land. @farokh is always watching from @Rugradio”

Related Terms:

Dictionary: Multisig
Short for a multi-signature wallet, it is a crypto currency wallet that requires two or more signatures to make a transaction. This is ideal for DAOS that require multiple people to sign things before conducting a course of business.
Dictionary: Rekt
As in ‘get rekt’. A crypto slang term for getting wrecked or being figuratively destroyed. It could be via a rug pull, bad advice or just selling at the bottom.
Dictionary: Rugged
A victim of a rug pull. Someone has packed up quickly and bailed on them, leaving them holding the bags. More recently this term has become commonly used on Twitter spaces to describe the not uncommon occurrence of the connection dropping one person or everybody getting kicked out of the Twitter space.

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