๐จ How People Got Scammed by an Ex New York Mayor's Memecoin
The Hype That Turned Into a Nightmare ๐ธ
Former NYC Mayor Eric #Adams launched "NYC Token" at a flashy Times Square press conference in January 2026. He promised it would somehow combat antisemitism (yeah, we're confused too ๐ค). The coin's market cap skyrocketed to $600 million almost instantly.
The Crash That Shocked Everyone ๐
Just 30 minutes after launch, disaster struck. The token crashed over 81% in what's called a "rug pull", basically, the developers yanked their money and ran. A wallet linked to the team withdrew $2.5 million, leaving investors holding worthless tokens.
Real People, Real Losses ๐
One trader lost $473,500 in under 20 minutes. That's a 63.5% loss in the time it takes to watch a sitcom episode. Roughly $500 million in paper value vanished into thin air.
The "Not Us!" Defense ๐
Adams' team claimed they didn't withdraw anything, just their "market maker" making "adjustments." Right. This is the same guy who called himself the "$BTC Mayor" and took his paychecks in crypto.
The Lesson? If a politician launches a memecoin, run. ๐โโ๏ธ