Eric Adams, the previous mayor of New York Metropolis, has launched a brand new cryptocurrency known as the NYC Token.
Adams shared the information on X on January 12. In a brief video, Adams stated, “I all the time say there are two kinds of People, those that dwell in New York and people who want they may”.
He added, “We’re about to vary the sport”. He additionally stated the token would let individuals outdoors town “expertise New York in a brand new approach”.
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Throughout an interview with FOX Enterprise, Adams defined that a part of the cash will go to nonprofit teams working to boost consciousness about antisemitism and anti-American sentiment via academic efforts.
Nonetheless, the launch drew criticism after the NYC Token’s worth dropped hours after going dwell. The cryptocurrency reached a market capitalization of round $580 million earlier than falling to roughly $130 million.
Blockchain analytics agency Bubblemaps flagged “suspicious” on-chain exercise linked to the undertaking. Based on the platform, a pockets related to the token’s deployer eliminated roughly $2.5 million in liquidity when costs peaked.
Many customers on X accused Adams of involvement in a crypto rug pull. Considered one of X customers stated, “Eric Adams has now drained over $3,400,000 from the liquidity pool of his memecoin: it is now a rug-pull”.
ZachXBT just lately warned a few new Soulja Boy-linked meme coin after Base’s Jesse Pollak shared a $1,500 ETH purchase of the token. Why? Learn the complete story.
