Bubblemaps' analysis indicates that the 9Ty4M wallet associated with the NYC Token deployer withdrew approximately 2.5 million USDC from the one-way liquidation pool on Meteora at the price peak and only injected about 1.5 million USDC back after the price dropped 60%, resulting in an estimated net profit of around $1 million.
The NYC Token controversy stems from its launch by former New York City Mayor Eric Adams. on-chain data extracted from the analysis describes a mechanism for withdrawing/pumping liquidation based on price fluctuations, raising concerns about liquidation management and risks for traders.
- The 9Ty4M wallet creates a one-way liquidation pool for NYC on Meteora.
- Withdraw approximately 2.5 million USDC at the peak price; reinject approximately 1.5 million USDC after the price dropped 60%.
- Net profit is estimated at approximately $1 million, according to Bubblemaps.
Liquidation and cash flow trends of USDC
The 9Ty4M wallet, linked to the NYC Token implementer, manipulated liquidation at the peak and only partially recovering them after the price dropped.
According to Bubblemaps' analysis, the 9Ty4M wallet associated with the Token deployer created a one-way liquidation pool on the Meteora platform. When the NYC price peaked, approximately 2.5 million USDC were withdrawn from the pool.
Then, when the Token price dropped by approximately 60%, only about 1.5 million USDC was injected back in. This withdrawal/refund spread resulted in an estimated net profit of around $1 million.
NYC Token landscape and key areas to watch.
The event is linked to the NYC Token launched by former New York City Mayor Eric Adams and is based on specific wallet data.
The key information focuses on the connection between the 9Ty4M wallet and the Token implementer, along with the establishment of a one-way liquidation pool on Meteora. The chain of actions involving the withdrawal of 2.5 million USDC and the injection of 1.5 million USDC after the 60% drop are the main quantitative milestones reported.
