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Former New York City Mayor Eric Adams is in hot water after promoting a crypto asset that suffered a massive price drop shortly after its launch.
Adams introduced the memecoin NYC Token as a crypto asset with a cause.
“Proud to launch @buynyctoken, a new token built to fight the rapid spread of antisemitism and anti-Americanism across this country and now in New York City.”
The token surged following its launch. Data from the decentralized exchange (DEX) tracker Gecko Terminal shows the coin’s price hit $0.8 before plummeting to $0.1116.
“The token has since fallen over 81% from its peak with @Bubblemaps flagging suspicious LP activity with the team extracting $1M by cycling liquidity.”
The ex-mayor now faces allegations of a rug pull scam, which happens when the people behind an asset quickly sell their investments.
Says Rune Crypto on the social media platform X,
“Eric Adams, former NYC major, has just removed liquidity of his new memecoin, $NYC, scamming investors for over $2,536,301
He launched a $NYC memecoin just 30 minutes ago, and has removed its liquidity after promoting it on his personal social media, claiming to be the NYC token.”
The memecoin’s team says the NYC Token is not a rug pull scheme.
“Given the overwhelming support and demand for the token at launch, our partners had to rebalance the liquidity. We are aware of reports flagging the transactions removing liquidity from the pool. The team commenced the funds for TWAP and added additional funds to the liquidity pool. We’re in it for the long haul!”
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