The Rise and Fall of NYC Token: Eric Adams Faces Crypto Storm
A Spectacular Launch… Followed by a Brutal Fall
Former New York City Mayor, Eric Adams, finds himself embroiled in a crypto controversy. Just launched, the NYC Token, a memecoin he publicly endorsed, is already being accused of potentially facilitating a rug pull, after a massive withdrawal of millions of dollars in liquidity at the market peak.
$2.5 Million Withdrawn at the Peak
On-chain analysis data shows that a wallet connected to the token deployer withdrew about $2.5 million in liquidity. While approximately $1.5 million was reinvested after a price drop of over 60%, almost $900,000 never made it back into the pool.
The announcement tweet came more than 20 minutes after trading began, giving insiders and snipers ample time to take advantage.
Opaque Communication and Shadowy Areas
The official NYC Token website indicates a total token supply of one billion, with 70% allegedly held in a ‘reserve’ excluded from circulation. No clear details were provided regarding governance mechanisms, co-founder identities, or fund management.
Eric Adams claimed that the generated revenue would fund actions against anti-Semitism and what he terms ‘anti-Americanism’ through an undisclosed non-profit organization. Yet again, no precise structure or control framework was presented.
During a TV interview, his explanations on the token’s utility remained vague, blending confusing examples and technical approximations. This performance only served to deepen public skepticism.
The Fallout for the ‘Bitcoin Mayor’
During his tenure, Eric Adams had positioned himself as one of the most pro-crypto American officials, even accepting his first salaries in bitcoin. However, the NYC Token scandal is expected to mark a turning point. With a shaky tokenomics structure, perfectly timed liquidity withdrawals, and extremely unclear communication, this incident embodies all the warning signs that the community fears.
At this stage, no official investigation has been announced. Nevertheless, the damage is done. For many observers, this case once again illustrates the pitfalls of meme coins linked to public figures, where notoriety often replaces transparency.
