What is a Rug Pull?

A rug pull is an unfortunately common scam in the crypto world where the developer of an NFT project or token makes big promises, collects money from unsuspecting investors, then abandons the project and taking the money with them.

Usage:

That NFT project was a scam, a total rug pull.
I totally got rugged on that airdrop, I didn’t get anything even though I met the requirements!

Full Definition:

A rug pull is when a scammer sets up a crypto project but fails to deliver on it, taking all the money with them.

The term comes from the common expression “rug pull”, when someone pulls the rug out from under you.

In addition to being used to refer to projects that completely fail to deliver, the term rug pull has also come to be used as a synonym for anytime a project fails to deliver on a promise.