Over 60% of Traders Lost Money on Eric Adams-Backed NYC Token
Over 60% of traders lost money on the NYC token, launched shortly after Eric Adams left office, which quickly crashed like a meme coin rug pull.Summary
The NYC token, launched by former New York City Mayor Eric Adams shortly after leaving office with the stated goal of fighting antisemitism, quickly resulted in significant losses for traders, exhibiting characteristics of a meme coin and a textbook rug pull.
On-chain data from Bubblemaps indicated that a wallet linked to the token's deployer withdrew approximately $2.5 million in USDC from the liquidity pool at the token's peak price. Although $1.5 million was later returned in token buys, the fate of the remaining $1 million is unclear, fueling insider allegations.
Analysis showed that 60% of the 4,300 traders lost money, with 15 losing over $100,000. The token's launch structure was technically similar to other controversial political meme coins. Adams' spokesperson denied allegations of personal financial gain, attributing the crash to early volatility, but the launch marks a rocky start for Adams' personal foray into crypto promotion, despite his prior pro-crypto stance as mayor.
(Source：BeInCrypto)