Former NYC Mayor Eric Adams Accused of Crypto Pump and Dump With NYC Token
Former New York City Mayor Eric Adams launched a Solana-based memecoin, NYC Token, claiming proceeds would combat antisemitism; on-chain data show rapid sell-offs and $2.5M liquidated, prompting rug-pull allegations and a partial liquidity return.
Overview
Eric Adams promoted the NYC Token at a Times Square press conference and online, saying funds would support anti-antisemitism initiatives and blockchain education.
The coin launched on Solana and briefly reached a market cap near $580–600 million before collapsing within an hour, wiping out most value.
On-chain analysis shows a wallet tied to the deployer removed about $2.5 million in liquidity at the token's peak and later added roughly $1.5 million back.
Adams and the NYC Token team said market makers rebalanced liquidity and denied team sales, arguing tokens are subject to lockups and transfer restrictions.
Crypto observers compared the launch to previous celebrity-backed memecoin pump-and-dump schemes; the community remains skeptical of the project's stated long-term utility.
Analysis
Center-leaning sources frame Adams' token launch skeptically, using loaded terms ('pump-and-dump', 'rug pull', 'dubious') and broad negative context (celebrity memecoin scandals, Trump parallel) to imply misconduct. Editorial choices - word selection, selective history, and emphasis on rapid liquidation - shape the narrative, while direct Adams quotes remain source content and not framing.
Sources (3)
FAQ
NYC Token is a Solana-based memecoin launched by former NYC Mayor Eric Adams, intended to fund initiatives against antisemitism and anti-Americanism, blockchain education for youth, and scholarships for underserved communities.
The token briefly reached a market cap of $580–600 million before crashing over 80% within hours, losing nearly $500 million in value.
A wallet tied to the deployer removed about $2.5 million in liquidity (USDC) at the peak and later added back roughly $1.5 million, leaving around $932,000 unaccounted for.
They claimed market makers rebalanced liquidity due to overwhelming demand, denied team sales, and stated tokens are subject to lockups and transfer restrictions, emphasizing long-term commitment.
History
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