I got rugged AGAIN - you'd think I'd learn to stop buying into NFTs that are 'coming soon.'
|Rug pull||A cryptocurrency scam|
|Bagholder||A person who fails to sell a stock before it crashes|
|ICO||Initial coin offering|
|Airdrop||A cryptocurrency marketing event|
|HODL||Hold on for dear life|
Just as crypto and NFT bros use rug pull to mean "scam," they use rugged to mean "scammed." You're most likely to encounter this term on social media and in forums, when users are discussing scams perpetrated by cryptocurrency or NFT creators.
Because cryptocurrencies and NFTs are largely unregulated, people dealing in both run the risk of getting rugged. For example, someone who buys an NFT on spec may never actually receive that NFT. Or, someone who buys into a cryptocurrency may be forced to watch as the currency's creator drains its liquidity, making the currency worthless. Both of these scenarios are examples of getting rugged.