Crypto scams have been around since day one—from flashy ICOs and overhyped networks to NFTs, memecoins, and whatever shiny trend pops up next. That's when scammers build trust, hype a project, collect as much money as possible, and vanish. As a fraud investigator, I've watched this happen more times than I can count. Here's a breakdown of how rug pulls work and a closer look at the three key players who run the show.
The Cast of Characters
Every rug pull relies on a core trio: the Shiller, the Washer, and the Boss. Three roles, one goal. Here's what each brings to the table:
The Shill
- The hype machine and smooth talker.
- They're the face of the scam, active everywhere—Discord, Telegram, X, Instagram, you name it.
- They keep the crowd engaged, drop updates, run AMAs, and sell the dream.
- They aren't just promoting; they're building emotional trust.
The Dev
- The money guy, often the youngest and most expendable.
- Moves and cleans stolen funds through mixers, bridges, and wallets effortlessly.
- Usually left holding the bag if things fall apart, but fully aware of their actions.
The Boss
- Calls the shots and has connections with shady developers, influencers, and high-stakes players.
- Knows just enough code to be dangerous and enough strategy to maintain operations.
- Can step into shilling or washing roles to maintain legitimacy.
- Decides when it's time to pull the plug.
The Game Plan: From Hype to Heist
It all starts with hype. The Shiller promotes a 'revolutionary' token or NFT project. Maybe it’s a cute mascot, exclusive access, or fake promises of utility. The Boss and Washer support the buzz just enough to appear invested. Then comes the launch. The smart contract goes live, wallets open, and money pours into the project. For a moment, it looks real.
At this point, there are two main exits:- Quick Rug: Liquidity is drained within hours or days. Game over.
- Slow Rug: The team stays around for months, builds trust, then slowly cashes out when timing feels right.
The Digital Nomad Life
These scammers aren't hiding in basements; they're digital nomads. One week they're in Bali, the next Bangkok, rotating burner phones, laptops, and aliases. All three have enough coding knowledge to tweak smart contracts, fake updates, and move wallets as needed. It's a coordinated team effort.
Twisted Justifications
Here's the disturbing part—many scammers don't see themselves as criminals. They believe they're just playing the game better. Some even justify their actions by claiming donations to charity or supporting people in need. In reality, they're stealing from the hopeful and giving to whoever eases their conscience. It's a warped moral compass that helps them sleep at night.
The Takeaway
Rug pulls aren't new; they're just getting more polished. Whether it's an ICO, NFT drop, or memecoin, the pattern stays the same: hype it, launch it, dump it, and disappear. As a fraud investigator, I've tracked these patterns across countless wallets, tokens, and platforms. The tools and branding might change, but the core trio always remains. Next time a crypto project makes big promises, don't just look at the product—examine the people behind it. Ask who benefits, how they communicate, and how fast they can disappear once the money hits. Trust is everything in crypto. And once it's gone, it's gone.