On January 12, 2026—just days after leaving office—former New York City Mayor Eric Adams launched a Solana-based cryptocurrency called NYC Token. While Adams pitched the project at Times Square as a way to fund initiatives against antisemitism and "anti-Americanism," the launch immediately descended into chaos.
The "Rugpull" Allegations
Within an hour of its debut, the token's market capitalization skyrocketed to nearly $600 million before plummeting over 80%. On-chain analysts, including Bubblemaps, flagged suspicious activity:
Liquidity Drain:
A wallet linked to the token's deployer allegedly withdrew approximately $2.5 million to $3.4 million in $USDC at the price peak.
Partial Return:
Following a public outcry, the wallet returned about $1.5 million, leaving roughly $900,000 to $1 million unaccounted for.
Centralization:
Critics noted that 70% of the supply is held in a "Reserve," giving the creators massive control.
The project's official X account claimed the moves were merely "partners rebalancing liquidity" due to high demand. However, the crypto community remains skeptical, labeling it a classic "rugpull"—where developers drain the funds supporting a token, leaving retail investors with worthless assets.
