Former NYC Mayor Eric Adams’ memecoin faces rug pull allegations
Former NYC Mayor Eric Adams promoted the 'NYC Token' memecoin, which shortly after faced allegations of a rug pull involving millions in withdrawn liquidity.Summary
Former New York City Mayor Eric Adams promoted a new cryptocurrency called the "NYC Token" at a press conference, claiming it would fund initiatives to combat "anti-Americanism" and antisemitism through an unnamed nonprofit.
However, just hours after the launch, on-chain activity suggested a significant portion of the token's liquidity, estimated at least $3.4 million, had been withdrawn, leading observers on X to allege a rug pull. Another user warned the project appeared highly centralized and risky.
The Solana-based token has a total supply of 1 billion, with 70% allocated to a reserve not included in the circulating supply. Adams, a known supporter of the crypto sector during his tenure, did not reveal his co-founders at the event.
(Source：The Block)