This idiom originated from boxing, where a boxer's corner would literally throw a towel into the ring to signal their fighter's surrender.
Here are some other idioms related to giving up or surrender:
* "Wave the white flag": A sign of surrender, often associated with military battles.
* "Call it quits": To stop doing something, often due to difficulty or frustration.
* "Fold like a cheap suit": To give up easily, implying weakness.
* "Give up the ghost": To die or cease to function.
* "Lay down your arms": To surrender, specifically in a military context.