How much do you know about Rug Pulls types: Inventory the tricks of the perpetrators

I believe that “Rug Pulls” will not be unfamiliar to everyone in the encryption world. This term vividly depicts the fraudulent behavior of the development team taking away user funds or withdrawing funds from liquidity pools. According to data released by Chainalysis, user losses caused by such scams in 2021 will reach as high as 7.7 billion US dollars, an increase of more than 80% compared to 2020.

Twitter user @0xLosingMoney took stock of the various types of Rug scams in this article, listing the “colorful” ways in which these malicious development teams siphoned off users’ funds.

“Code Vulnerability” Rug

These kinds of developers want to “complete the scam” without ruining their reputation, and they will try to convince novice investors that Rug is completely out of the team’s control. At this time, they often post that “an unexpected code vulnerability was found. This vulnerability was not discovered during the development process, and after the problem appeared, the team was unable to complete the repair and had to give up.”

“Tired” Rug

Some developers never get enough sleep. And that could lead to things going bad. The team may claim “We didn’t fix this in time because our developers were sleeping, and the developers have been working a full 28 hours a day for the past four weeks, (now they’re sleeping and can’t fix bugs) it’s not them wrong.” 

“Apologetic” Rug

Some developers will kindly let you know that Rug happened and send sympathy to all the victims. The team would say, “We’re very sorry, we know this will hurt, but we can’t continue to maintain this project, we wish you all the best, and God bless you.”

Rug of “Wild Action”

Some developers are unmistakably scumbags, and even say that they may be proud of their evil deeds. The picture below is a real case. The developer of the project that raised hundreds of thousands of dollars taunted all users before running away.

“Destroyed” Rug

Some developers just need to relax and go on vacation with the money they just stole, but they don’t want to admit it generously. For example, the team might post that “after months of working tirelessly, we realized that we underestimated how big a project this was, and it was unfortunate that we just couldn’t keep up.”

“Silent” Rug

Some developers will steal the money secretly, and the project will gradually die, but in the process, the project side will be tougher than the city wall, refuse to accept any accusation, and post something like “Please stop FUD, these accusations are not valid. Really, everything is progressing” until the on-chain detectives like @zachxbt stripped their panties.

“The thief shouts to catch the thief” Rug

Some developers will try to make victims feel sorry for them when they are actually the thief who stole the funds. They would claim that “we were attacked maliciously, we were so worried about our safety, and I was so scared right now that I decided to shut down the project 3 minutes after it started.”

“Conspiracy” Rug

The team will play a big show for the ultimate “target”, such as the administrators and development teams in the community conspire to attack each other and run away with money, and divide the funds. For example, a community admin might one day suddenly declare that he found out that the developer is stealing the user’s money but he can’t do anything about it and disturb the victim’s sight.

“Magic” Rug

This type of developer disappears without a trace at some point, counts your money and smiles on the other side of the cable, but doesn’t reply to a single punctuation mark.

“Rug +” Rug

This part of the developers will start a new fraud journey after completing a scam, and when the new project is announced, they will openly declare that they have nothing to do with the last failed project, but in fact users who do not know the truth may even be twice fell in the pit dug by the same group of people.