Eric Adams Faces Backlash Over NYC Token Crash and Liquidity Withdrawal

NYC Token Crash

Former NYC Mayor Eric Adams faces criticism after the crash of his cryptocurrency, NYC Token.
The token's market cap plunged from $580 million to approximately $133 million shortly after launch.
A significant sell-off by a wallet linked to the token's development team led to a steep decline in value.
Blockchain analysis revealed that around $2.5 million was withdrawn at the token's peak; $1.5 million was later returned, leaving $900,000 unaccounted for.
This has sparked accusations on social media of a potential crypto rug pull orchestrated by Adams.

NYC Token

Adams' Response

Adams stated funds from NYC Token were intended for nonprofits and educational purposes on blockchain technology.
NYC Token's website indicates a total supply of one billion tokens with 10% profits allocated to team activities.

Team's Reaction

The NYC Token team acknowledged liquidity withdrawal, citing the need to rebalance due to demand.
Uncertainty persists regarding the token's launch details and its association with C18 Digital, incorporated in December 2025.
The NYC Token utilized a unique one-sided liquidity pool, injecting USDC as users purchased the token, before the $2.5 million withdrawal.

NYC Token