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Rug pulls are when developers launch a new cryptocurrency, buy a bunch of that specific currency, pump up the price using various means, and then sell as much of that token as possible, dropping its value to nearly zero. The reason why rug pulls are so common is that they’re incredibly easy to “pull” off. Hard pulls are usually when a cryptocurrency is always doomed from the get-go-coded. Soft pulls tend to be more common than hard pulls since it’s easier to fool the general public into investing in these cryptos.