Former New York City Mayor Rug Pulls Community? Eric Adams’ NYC Token Plunges 81%
Former NYC Mayor Eric Adams' newly launched NYC Token crashed 81% shortly after launch, leading to accusations of a rug pull.Summary
Former New York City Mayor Eric Adams is facing accusations of a rug pull following the dramatic collapse of his newly launched "NYC Token." Adams unveiled the token on January 12th, promoting it as a crypto initiative to fund social causes like combating antisemitism and promoting blockchain education without raising taxes. Fueled by Adams' profile, the token's market cap quickly surged to nearly $600 million, but it plummeted by about 81% within 30 minutes, wiping out nearly $500 million in value.
On-chain analysis suggests insider activity, as a wallet linked to the token's deployer removed approximately $2.43 million in USDC liquidity shortly after the peak, with estimates of total extraction reaching $3.43 million. This incident tarnishes Adams' image as a pro-crypto champion, adding to a history of crypto-related controversies, including failing to disclose holdings and using city-funded trips for political fundraising. Critics argue Adams often uses crypto as a political prop, a concern amplified by his ongoing federal indictment on charges including bribery and wire fraud.
(Source：CCN)