A Rug Pull From the 1900s

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In crypto jargon, a rug pull occurs when creators of a project suddenly stop backing it. As a result, the price of the NFT falls to zero, which leads to massive losses for investors. There are two kinds of rug pulls: A hard rug is when all of the coins are sold off by someone inside. Sometimes it’s the owners who set this coin up as a con. Sometimes it’s someone like a dev who has access to the coin which goes rogue and sells it all off. This is clearly illegal because this is overt theft.

A Rug Pull In The 1930S
A Rug Pull in the 1930s

From the 1920s and 1930s, the ordinary Americans and the Irish people faced depression, who were convinced by the prominent statesman Eamon de Valera to buy shares in a newspaper to be launched in Ireland called the Irish Press. Eamon de Valera served several terms as head of government and head of state and had a leading role in introducing the Constitution of Ireland.

He also stated, “We want Ireland to look west to America, rather than England. We want an Irish paper that will be as Irish as the Daily Mail is English.” The investors were issued share certificates for A shares in the newspaper.

60,000 A type shares were issued, which raised $250k (approximately $4m today). And it was later revealed that the A shareholders did not own or have any control over the company.

The company is owned by the holders of 200 B type shares, the largest of whom was Eamon de Valera, appointed as the controlling director.

After that, in 1995, the newspaper went bust, but not before enriching generations of de Valera’s sons and grandsons.

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Ujan Chakraborty
Ujan Chakraborty

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