Ex-NYC Mayor Eric Adams’ NYC Token tanks over 80% as team allegedly manipulates trading activity
Crypto Briefing
The NYC Token, endorsed by ex-Mayor Eric Adams, crashed over 80% amid allegations of manipulated trading activity in its liquidity pool.Summary
The Solana-based NYC Token, launched by former New York Mayor Eric Adams as a "commemorative asset," experienced a dramatic collapse, losing over 80% of its value shortly after launch. Its valuation plummeted from $730 million to around $90 million in under an hour before partially recovering above $110 million. While the project claims to support youth crypto education and anti-hate programs, critics have raised ethical concerns due to missing key details like a whitepaper and partners. Furthermore, BubbleMaps flagged unusual liquidity pool activity, including significant USDC removal and funds being cycled, suggesting potential manipulation reminiscent of past token launches like $LIBRA.
(Source：Crypto Briefing)