{"id":19909,"date":"2026-01-15T09:59:58","date_gmt":"2026-01-15T09:59:58","guid":{"rendered":"https:\/\/bitunikey.com\/news\/former-nyc-mayor-eric-adams-denies-role-in-nyc-token-crash-amid-rug-pull-claims\/"},"modified":"2026-01-15T10:00:28","modified_gmt":"2026-01-15T10:00:28","slug":"former-nyc-mayor-eric-adams-denies-role-in-nyc-token-crash-amid-rug-pull-claims","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/former-nyc-mayor-eric-adams-denies-role-in-nyc-token-crash-amid-rug-pull-claims\/","title":{"rendered":"Former NYC Mayor Eric Adams denies role in NYC token crash amid rug pull claims"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Former New York City Mayor Eric Adams has refuted claims that he moved funds or profited from the NYC token after it fell more than 80% within the first hour of its launch.<\/p>\n<div id=\"cn-block-summary-block_a8604c6ca95e6341be35097229b9b86b\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Eric Adams has denied profiting from the NYC token after its value dropped over 80% shortly after launch.<\/li>\n<li>A spokesperson attributed the token\u2019s crash to market volatility and says Adams did not move investor funds.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>\u201cRecent reports alleging that Eric Adams moved money out of the NYC Token are false and unsupported by any evidence,\u201d Todd Shapiro, a spokesperson for Adams, said in a Jan. 14 <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/ericadamsfornyc\/status\/2011541285354815932?s=20\" target=\"_blank\" rel=\"nofollow\">statement on X<\/a>.<\/p>\n<p>Shapiro attributed the token\u2019s sharp drop to market volatility while noting that the former mayor\u2019s involvement in the project was not \u201cintended for personal or financial gain.\u201d<\/p>\n<p>Adams launched the Solana-based token on Tuesday, touting it as a means to combat rising hate and inspire the next wave of innovation in the city.<\/p>\n<p>However, the token launch soon became mired in controversy after some crypto community members flagged on-chain data suggesting millions in liquidity were drained from the token\u2019s pool.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Data from analytics platform Bubblemaps showed that a wallet linked to the deployer had removed $2.5 million in USDC liquidity when the token was trading at its peak, while another analysis estimated that at least $3.4 million had been removed.<\/p>\n<p>At its peak, the NYC token reached a market cap of $580 million before it plunged to less than $130 million within the first hour, leading to widespread rug pull accusations.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">NYC Token faces rug pull allegations | Source: <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/hackapreneur\/status\/2010944241556734179?s=20\" target=\"_blank\" rel=\"nofollow\">X\/hackapreneur<\/a><\/figcaption><\/figure>\n<p>Meanwhile, Shapiro\u2019s statement claims \u201cno funds were removed from the NYC Token,\u201d the NYC token account said at the time that it \u201crebalanced the liquidity\u201d using Time-Weighted Average Price mechanisms to manage the token\u2019s price stability.<\/p>\n<p>Further, it said that funds were being added to the liquidity pool gradually to reduce the impact of initial launch volatility.<\/p>\n<p>As of publication, the NYC token is <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/dexscreener.com\/solana\/61ydcb8gggafm3wctdyyrthtyvfipaptity1mdmcsgum\" target=\"_blank\" rel=\"nofollow\">trading at $0.138<\/a>, a level it has been hovering around since falling from its launch day peak.<\/p>\n<h1 class=\"wp-block-heading\">NYC token will address antisemitism and anti-Americanism<\/h1>\n<p>During a Fox Business interview, Adams said that the proceeds from the NYC token would be directed toward raising awareness about antisemitism and anti-Americanism through educational campaigns. Further, a portion of the funds would go toward blockchain and crypto education, as well as supporting scholarships for students in underserved communities, he explained.<\/p>\n<p>\u201cThe NYC Token is designed as a free, voluntary way to support educational and nonprofit efforts. Claims suggesting otherwise are inaccurate,\u201d Shapiro said, adding that Adams \u201cremains committed to responsible innovation and to using emerging technologies to strengthen trust, education, and shared civic values.\u201d<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Former New York City Mayor Eric Adams has refuted claims that he moved funds or profited from the NYC token after it fell more than 80% within the first hour&hellip;<\/p>\n","protected":false},"author":1,"featured_media":19910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-19909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/19909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=19909"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/19909\/revisions"}],"predecessor-version":[{"id":19911,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/19909\/revisions\/19911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/19910"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=19909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=19909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=19909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}