On January 14, former New York City Mayor Eric Adams faced widespread criticism after his newly launched cryptocurrency, NYC Token, plummeted within hours of its launch. Data shows that NYC Token's market capitalization initially surged to approximately $580 million before quickly falling to around $130 million.
Blockchain analytics platform Bubblemaps pointed out "suspicious behavior" of the token: a wallet associated with the project's deployers withdrew approximately $2.5 million in liquidity at the price peak. After the token price fell by about 60%, the address re-injected about $1.5 million, but about $900,000 remains unreturned.
A large number of users on the social media platform X have accused Adams of "rug pull," meaning he allegedly pockets funds after promoting a project for personal gain. Adams has long been a public supporter of cryptocurrency and stated at an event on Monday that some of the funds from NYC Token would be used for anti-Semitic and anti-American projects, as well as to promote blockchain technology among teenagers.
The NYC Token website states that the total token supply is 1 billion, and the project team will receive 10% of the profits. However, Adams did not disclose the specific members of the team. Currently, there is no official investigation conclusion regarding the allegations.
