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BTCC / BTCC Square / Global Cryptocurrency /
Former NYC Mayor Eric Adams Faces Backlash as NYC Token Plummets Amid Rug Pull Allegations

Former NYC Mayor Eric Adams Faces Backlash as NYC Token Plummets Amid Rug Pull Allegations

Author:
Global Cryptocurrency
Published:
2026-01-13 08:01:02
7
1
BTCCSquare news:

Former New York City Mayor Eric Adams is under scrutiny following the dramatic collapse of NYC Token, a cryptocurrency he promoted at a high-profile Times Square event. The token briefly soared to a $580 million market capitalization before crashing 60%, with on-chain data revealing $2.5 million in liquidity withdrawn at peak valuation.

Blockchain analysts identified a deployer-linked wallet removing USDC liquidity during the token's zenith, with only $1.5 million returning post-crash. The project's opaque structure—70% of its 1 billion token supply locked in reserves for an undisclosed nonprofit—has fueled skepticism. Adams provided no clarity on fund management or team identities during the launch.

The episode underscores persistent risks in celebrity-endorsed crypto ventures. Market observers note the token's trajectory mirrors classic rug pull patterns, where promoters abandon projects after initial hype. Regulatory scrutiny may intensify as retail investors face losses.

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