US EditionEric Adams' NYC Token Crashes After Launch Amid Rug Pull Claims
NYC Token reached a $600 million market cap before crashing 81%, with $2.5 million liquidity withdrawn by a wallet linked to the deployer, fueling rug pull claims.
- On Monday, former New York City Mayor Eric Adams unveiled the NYC Token in Times Square, its market capitalization nearly $600 million before collapsing and wiping out nearly $500 million in value.
- Pitching charity aims, Adams said the NYC Token would fight antisemitism and anti-Americanism, supporting Combat Antisemitism Movement and Historically Black Colleges and Universities.
- On-Chain analysis by Bubblemaps showed wallet 9Ty4M added 80 million tokens as liquidity, removed $2.43 million in USDC, then added back $1.5 million, leaving $932,000 unaccounted.
- Investors suffered immediate losses, with one trader losing $473,500 and a wallet linked to Eric Adams allegedly pocketing nearly $1 million, while Adams has not commented.
- Delaware filings show C18 Digital incorporated on Dec. 30, 2025, while government ethics groups raised alarms over Adams's crypto ties and critics compared the case to LIBRA scandals.
88 Articles
88 Articles
Let Your Buyers Become Your Criers When You Pull The Rug Out From Beneath The Table Of Success
I have some unsurprising news: Former New York City Mayor Eric Adams launched a memecoin to combat antisemitism, and someone connected to the coin's launch appears to have executed a clean rug pull within an hour of its launch, making off with roughly $1 million, cratering the coin's value. Maybe they felt antisemitism had been solved? Adams first teased the project just before New Year's Eve, then this Monday announced the launch of NYC Token, …
People are pretty upset about a meme coin promoted by former mayor Eric Adams that quickly crashed
Ira L. Black/Getty ImagesA meme coin promoted by former mayor Eric Adams launched and quickly crashed earlier this week. NYC Token lost over 80% of its value shortly after trading began. Social media users were quick to label the event a "rug pull."Former New York City Mayor Eric Adams was a bullish proponent of crypto during his time in office, but an ill-fated meme coin debut this week has drawn outcry.On January 12, Adams shared a post on his…
With his project of "NYC Token", the former mayor of New York promised to finance scholarships and educational programmes. A suspicious withdrawal of funds, in the minutes following the launch, caused its value to collapse.
Eric Adams NYC Token Scandal: Crypto Coin Collapse
Former New York City Mayor Eric Adams launched a new memecoin called NYC Token this week, promoting it as a tool to confront antisemitism and anti-Americanism — but the asset swiftly collapsed in value and now faces accusations of a cash-grab “rug pull.” The controversial crypto project briefly hit a $580 million market valuation before losing the vast majority of its value, sparking sharp investor backlash and allegations of financial misconduc…
Coverage Details
Bias Distribution
- 37% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
