Former NYC Mayor Accused of 'Rug Pull' Amid Cryptocurrency Collapse

Controversy Erupts Over Mayor's Cryptocurrency

The recently launched cryptocurrency NYC Token by former New York Mayor Eric Adams surged to a market value of nearly $580 million shortly after listing, only to plummet to around $130 million, sparking widespread skepticism.

Suspicious Activity Uncovered

According to blockchain analytics platform Bubblemaps, wallets linked to the project withdrew about $2.5 million in liquidity at the peak price. Although around $1.5 million was later reinjected, nearly $900,000 remains unreturned.

Public Outcry Grows

• Many users on platform X accuse Adams of conducting a 'rug pull'—a common scam in the crypto space.
• Experts are calling for stricter oversight of celebrity-backed digital assets.
• The incident reignites concerns about the risks tied to public figures entering the crypto market.