Former NYC Mayor Eric Adams disputes memecoin rug pull allegations, claims he made no profit
Eric Adams' spokesperson denied allegations that he profited from or moved funds from the volatile NYC Token memecoin launch.Summary
Former New York City Mayor Eric Adams, through his spokesperson Todd Shapiro, refuted claims that the launch of his memecoin, NYC Token, involved a rug pull or that he profited from it, asserting that no investor funds were moved by him.
The token experienced significant market volatility shortly after launch, leading to warnings from analysts like Rune Crypto and Bubblemaps, who noted large liquidity withdrawals that suggested a potential rug pull, with Bubblemaps estimating that about 60% of the 4,300 traders lost money.
The NYC Token project acknowledged the need to "rebalance" liquidity due to high demand and stated that funds were added back to the pool. Adams' statement framed the token as a vehicle for supporting nonprofits rather than an investment, though the token's erratic behavior has raised concerns about its governance and structure.
(Source：The Block)