BlockBeats news: On January 14, former New York City mayor Eric Adams faced widespread criticism as the price of his newly launched cryptocurrency, NYC Token, plummeted within hours of its launch. Data shows that the market value of NYC Token briefly surged to around $580 million before rapidly dropping to approximately $130 million.
Blockchain analytics platform Bubblemaps pointed out that the token exhibits "suspicious behavior": wallets associated with the project deployer withdrew about $2.5 million in liquidity at a price peak. After the token's price dropped around 60%, the address re-injected approximately $1.5 million, but about $900,000 remains unreturned.
A large number of users on social platform X have accused Adams of a "rug pull," meaning he allegedly withdrew funds for profit after promoting a project. Adams has long publicly supported cryptocurrencies, and at an event on Monday, he stated that part of the NYC Token funds would be used to counter anti-Semitism, counter "anti-American" initiatives, and promote youth education on blockchain technology.
The NYC Token official website states that the total token supply is 1 billion, with the project team receiving a 10% revenue share. However, Adams has not disclosed the specific team members. Currently, there are no official investigation conclusions regarding the related allegations.