NYC Token, associated with former New York City Mayor Eric Adams, plummeted over 80%, with liquidity removal raising suspicion of a rug pull. Analysts from Nansen highlighted four key red flags related to abrupt and unannounced liquidity withdrawal, which drastically impacted traders, causing significant losses for around 60% of investors. Despite serious allegations, Adams’ team denies misconduct and attributes price volatility to normal post-launch market behavior.