Odaily Planet News: According to monitoring by Bubblemaps, suspicious liquidity provider (LP) activity has been observed in the NYC token launched by former New York City Mayor Eric Adams. The project team reportedly extracted over $1 million by repeatedly depositing and withdrawing USDC in liquidity pools. The NYC token's market capitalization once reached $600 million, but later dropped below $100 million. A wallet associated with the NYC deployer, 9Ty4M (9Ty4...), created a one-sided LP on Meteora. This address withdrew approximately $2.5 million in USDC at the price peak and then redeposited about $1.5 million in USDC after the price dropped by 60%.
NYC Token Team Allegedly Extracts Over $1M via USDC Looping
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Summary
Liquidity manipulation is under scrutiny as the NYC token team is allegedly reported to have cycled USDC in and out of liquidity pools to extract over $1 million. A wallet linked to the NYC deployer created a one-sided liquidity position on Meteora, withdrawing $2.5 million in USDC at its peak and then re-adding $1.5 million after a 60% price drop. Once valued at $600 million, NYC now trades below $100 million. Altcoins to watch remain under close surveillance, as such tactics raise red flags.
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