rug-pull

Noun

rug-pull (plural rug-pulls)

1. (figuratively) A sudden revelation that completely contradicts the assumptions one has been led to believe.
   • Perhaps this necessity to be on guard for the next rug-pull is what makes A Footstep of Air proceed in fatiguing seesaws instead of invigorating changes of pace.1977, The Nation, volume 224, New York, N.Y.: Joseph H. Richards, →ISSN, →OCLC, page 413, column 3
   • In July 1993, P & G began a television advertising campaign in which its products were compared to those of an unnamed competitor. There is no dispute that the unnamed product in each commercial represented LYSOL Deodorizing Cleaner, an all-purpose product often employed for bathroom cleaning....1995 January 25, Frank Xavier Altimari, Circuit Judge, United States Court of Appeals for the Second Circuit, “L & F Products, a Division of Sterling Winthrop Inc., plaintiff-appellant, v. Procter &...
2. A fraud or scheme where the leaders of a project or company (especially in cryptocurrency) deceive others into investing, before the project or company is abandoned or found to lack value.
   • Victims of rug pulls are often left with little recourse against nameless thieves. […] The anonymous founders of a crypto collective called AnubisDAO raised nearly $60 million in a few hours last year; less than a day later, the funds disappeared in the second-largest rug pull of 2021, according to...2022 March 2, David Yaffe-Bellany, “Millions for Crypto Start-Ups, No Real Names Necessary”, in The New York Times, →ISSN, archived from the original on 03 Mar 2022
   • Well, I think we're looking at a classic rug pull in just a few days. Once we pump the coin as high as it'll go, then I can register for an MSB with the federal government.2025 October 31, Trey Parker, “The Woman in the Hat”, in South Park, season 28, episode 2, spoken by Kyle Schwartz