Former New York City Mayor Eric Adams has made his first major public move since leaving office with the launch of a New York City–themed cryptocurrency token, pitching it as a civic-minded project aimed at combating antisemitism and “anti-Americanism.”
The initiative, however, was quickly overshadowed by a sharp price plunge and allegations of liquidity withdrawal that have drawn scrutiny from crypto traders and analysts.
Adams launches NYC Token with civic pitch
Adams announced the launch of the NYC Token in a post on X on Monday, describing it as a project inspired by the city and designed to “change the game.”
In a promotional video, Adams said, “I always say there are two types of Americans, those who live in New York and those who wish they could,” adding, “We’re about to change the game.”
In an interview with FOX Business, Adams said proceeds are intended to support nonprofits that raise awareness about antisemitism and anti-Americanism, fund education about blockchain and digital assets, and provide scholarships for New York City students in underserved communities.
He also told reporters he is “not taking a salary at this time”, though he added that compensation could be considered later.
A rapid drop and rug-pull accusations
Despite early enthusiasm, the NYC Token experienced a volatile debut.
According to Cryptonews, NYC Token’s market cap briefly hit $580 million before crashing 80% within minutes, wiping out nearly $500 million.
Separately, Cointelegraph, citing DEXScreener data, reported the Solana-based token fell from $0.47 to about $0.10 roughly 30 minutes after launch.
Unverified allegations of a liquidity rug pull circulated shortly after the selloff.
Crypto analyst Rune posted that at least $3.4 million was drained following liquidity withdrawals, citing on-chain data.
On-chain analytics later suggested that a wallet linked to the token’s deployer removed roughly $2.5 million in USDC liquidity near the market’s peak, before adding back about $1.5 million after the price had already fallen more than 60%.
Around $900,000 was not returned, according to tracking cited by blockchain analysts.
Concerns about token concentration also emerged.
An X user, StarPlatinum, warned that the token appeared “extremely centralized and high risk,” stating that the top 10 holders controlled 98.73% of the supply and that a single wallet held 70%.
Unclear roadmap and political backdrop
Questions also remain about the project’s structure and future direction.
Cointelegraph noted the site’s tokenomics allocate 40% to community rewards, 25% to liquidity, 15% to development, and the remaining 20% is split between marketing and the team.
It also reported that the site’s “Buy NYC Token” and “Read Whitepaper” buttons were not functioning at the time of publication, and that the site describes plans to build “a decentralized financial ecosystem that’s as ambitious as the city itself.”
The launch comes after a political shift in New York City.
Adams, often described as a pro-crypto mayor, stepped back from a reelection bid and was succeeded by Zohran Mamdani on January 1.
Before leaving office, he established the nation’s first municipal office focused on crypto and blockchain to promote “responsible innovation.”
Cointelegraph also noted Adams was known for converting some of his early paychecks into digital assets.
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