Eric Adams launched the NYC Token on January 12 to celebrate New York’s spirit and fund social and educational causes. The token’s value surged to a market capitalization of about $580 million before crashing to roughly $130 million within hours of its launch. Bubblemaps flagged suspicious on-chain activity, and users accused Adams of a possible
crypto rug pull. During an interview with FOX Business, Adams explained that part of the money would go to nonprofit groups working to raise awareness about antisemitism and anti-American sentiment through educational efforts. However, the launch drew criticism after the NYC Token’s value dropped hours after going live. The cryptocurrency reached a market capitalization of around $580 million before falling to roughly $130 million. Blockchain analytics firm Bubblemaps flagged “suspicious” on-chain activity linked to the project. A wallet associated with the token’s deployer removed roughly $2.5 million in liquidity when prices peaked. Many users on X accused Adams of involvement in a crypto rug pull.
