According to ChainCatcher, 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 extracted over $1 million by repeatedly depositing and withdrawing USDC in liquidity pools. The NYC token's market cap once reached $600 million before dropping 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 Withdraws Over $1M Through USDC Looping, Market Cap Falls Below $100M
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Summary
Irregularities in liquidity for the NYC token have drawn attention as the project's market capitalization fell below $100 million. Bubblemaps tracked suspicious LP (liquidity provider) activity, with the team allegedly looping USDC to extract over $1 million. A wallet linked to the deployer created a one-sided liquidity position on Meteora, pulling in $2.5 million in USDC at its peak and re-adding $1.5 million after a 60% price drop. The cryptocurrency market continues to monitor the aftermath of the token's sharp decline.
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