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Definition: NFT rug pull


A rug pull is a scam promotion of a crypto token via social media. After the price has been driven up, the scammer sells, and the price generally falls to zero. In 2021, a rumor spread about a "real" rug pull of an NFT. On the blockchain, NFTs (non-fungible tokens) are links to the digital art stored somewhere else. Someone located the whereabouts of a file and changed its contents to an image of a rug. A rug pull that left a rug! See rug pull, exit scam, Ponzi scheme, NFT and crypto glossary.