Coinspeaker

Jan 15, 2026

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Eric Adams Denies Profiting From NYC Token Amid 80% Value Drop

Eric Adams Denies Involvement in NYC Token Decline

Former NYC Mayor Eric Adams refuted claims about profiting from the NYC Token after its value plummeted by 80% shortly after launch on January 12.

• The token's sharp decline resulted in investor losses exceeding $3.4 million.
• Adams was accused of orchestrating a "rug pull" by removing liquidity, but he denied moving or profiting from funds.
• Todd Shapiro, his spokesperson, stated there is no evidence supporting the accusations against Adams.
• Shapiro attributed the crash to market volatility common with new digital assets.

Rug Pull Concerns in Crypto Market

• Recent months have seen multiple rug pull allegations, including those linked to TRUMP and MELANIA tokens.
• MELANIA faced criticism for large holders profiting through liquidity withdrawals.
• Concerns also emerged regarding World Liberty Financial (WLFI), but lacked typical rug pull indicators.