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The Independent UK
The Independent UK
National
Via AP news wire

THE TRUTH ABOUT: How to avoid rug pulls the latest cryptocurrency scam | History Defined

Crypto NerdWallet
Copyright 2018 The Associated Press. All rights reserved.

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.

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