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
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