Rug Pull: What is It and How Will It Kill Your GAINZ
By | Updated April 8th, 2024
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What is a Rug Pull?
A rug pull in crypto occurs when developers stop working on a project and steal investors’ funds. Rug pulls can occur in a number of ways: Devs draining funds from smart contracts, insiders shilling their bags of shitcoins only to dump on retail, etc.
Needless to say, rug pulls and rug pullers are not popular people in the DeFi community.
Bigger rug pulls are no joke:
But sometimes they’re funny anyway:
Investors will buy certain coins believing them to be rug proof:
But not every rug pull is the end of the world. And for some crypto denizens, having a couple rug pulls under your belt is a badge of honor.
Remember, though, in the world of crypto, if it seems too good to be true, it’s probably totally true. (Not financial advice.)