The scam, which gets its name from the expression “pulling the rug out”, involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with a worthless currency. It’s part of a long history of investment schemes. — AP
A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull”.
The scam, which gets its name from the expression “pulling the rug out”, involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with a worthless currency. It’s part of a long history of investment schemes.
Already a subscriber? Log in.
Unlock 30% Savings on Ad-Free Access Now!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
