A rug pull in the crypto world is a scam. After driving up the price of a token via promotion on social media, the scammer sells, and the price generally falls to zero. In 2021, a rumor spread about a "real" rug pull that involved a crypto token. On the blockchain, non-fungible tokens (NFTs) are links to the digital art stored somewhere else. For a joke, 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.