Rug Pull
Former New York City Mayor Eric Adams announced the NYC Token cryptocurrency in Times Square on Monday, promising to combat antisemitism and anti-Americanism. The token quickly reached a $600 million valuation but lost 75% of its value following a $2.5 million withdrawal. Experts question the launch's integrity, while Adams denies any wrongdoing.
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Former New York City mayor Eric Adams introduced a cryptocurrency called NYC Coin on Monday, aiming to fund initiatives against antisemitism and promote crypto education. However, the launch quickly drew allegations of a rug pull scam, with liquidity reportedly withdrawn shortly after, causing the token's value to plummet. Adams, a longtime crypto advocate, faces questions over the timing and mechanics of the event.