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BTCC / BTCC Square / Global Cryptocurrency /
Eric Adams Denies ’Rug Pull’ Allegations Over NYC Token Launch

Eric Adams Denies ’Rug Pull’ Allegations Over NYC Token Launch

Author:
Global Cryptocurrency
Published:
2026-01-15 08:10:02
18
2
BTCCSquare news:

Former New York City Mayor Eric Adams faces mounting scrutiny over the launch of NYC Token, a meme coin that saw precipitous value drops shortly after its market debut. Onchain analysts flagged suspicious liquidity movements, but Adams' spokesperson Todd Shapiro categorically denied any wrongdoing, stating the mayor "neither touched investor funds nor profited from the token's launch."

The NYC Token team attributed the volatility to typical early-stage crypto turbulence, acknowledging temporary liquidity rebalancing during what they termed "strong demand" conditions. Market data reveals the token suffered steep declines within hours of its release, mirroring patterns seen in alleged rug pull schemes.

This controversy emerges amid heightened regulatory focus on celebrity-endorsed cryptocurrencies. The SEC recently warned investors about "volatility and manipulation risks" in meme coins, particularly those tied to public figures. NYC Token's abrupt swings have reignited debates about accountability in decentralized finance projects.

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