Former New York City Mayor Eric Adams is at the center of controversy in the cryptocurrency community after being accused of a "Rug Pull" on the memecoin $NYC, causing investors to lose over $2.53 million in a very short time. According to on-chain data tracked by the community, the Token 's liquidation was almost completely drained shortly after its promotion, causing the price to collapse and leaving investors unable to react.
Previously, after leaving office, Eric Adams announced plans to launch the “NYC” Token with very ambitious statements. He claimed the project aimed to raise funds to combat anti-Semitism and anti-American sentiment, while also promoting blockchain education for children. The Token was unveiled with great fanfare in Times Square – an iconic symbol of New York City – but lacked almost all the core information a serious cryptocurrency project should have. Adams did not disclose development partners, a specific release date, Token allocation mechanism, how the raised Capital would be used, or any transparent operating model. All that was emphasized was that “ordinary New Yorkers can participate in investing.”
What angered the community was the speed of the event. Just about 30 minutes after memecoin $NYC officially appeared and was promoted by Eric Adams on his personal social media as a “Token representing NYC,” the liquidation of the trading pair was completely drained. This is a typical sign of a Rug Pull, where the Token creator profits from the initial liquidation , leaving investors with Token that are virtually worthless. The estimated total loss exceeded $2.536 million, more than Eric Adams' total assets of $2 million.
