BlockBeats News, January 14 — Former New York City Mayor Eric Adams faced widespread criticism after the newly launched cryptocurrency NYC Token plummeted within hours of going live. Data shows that the market cap of NYC Token surged to approximately $580 million before rapidly dropping to around $130 million. Blockchain analytics platform Bubblemaps pointed out that the token exhibited "suspicious activity": wallets associated with the project deployer withdrew about $2.5 million in liquidity at the peak price. After the token price dropped about 60%, the address re-injected approximately $1.5 million, but about $900,000 remains unrecovered. A large number of users on social platform X accused Adams of being involved in a "rug"

Odaily Planet Daily reports that in response to NYC Token's rapid surge and subsequent pullback after opening, which attracted community attention, the project issued a statement on the X platform clarifying that due to unexpectedly strong market support and demand during the initial launch of the token, NYC Token partners conducted a liquidity rebalancing operation on the liquidity pool. The team has now acknowledged community reports regarding some "liquidity removal" activities and clarified that the related funds have been redeployed for project development and additional funding into the liquidity pool. They also emphasized that their team will commit long-term to the project's development.

Former New York City Mayor Eric Adams released a meme coin project called “NYC Token” on Times Square on his first day out of office. However, just hours after the launch, on-chain data showed that a large amount of liquidity may have been withdrawn. Rune Crypto warned that at least $3.4 million had been drained, and another user, StarPlatinum, stated that the project was highly centralized and risky. The token is deployed on the Solana platform with a total supply of 1 billion tokens, of which 70% are labeled as “New York City Token Reserve” and will not enter circulation immediately. Adams stated at the press conference that proceeds from NYC Token would be used to fund public welfare projects related to anti-Americanism and anti-Semitism, and donated to an unnamed non-profit organization. He pointed out that through tokenization, New York City could achieve greater transparency and efficiency, leveraging blockchain technology to improve city governance.

BlockBeats News, January 13 — According to Bubblemaps analysis, NYC tokens were launched by former New York City Mayor Eric Adams. The wallet associated with the token deployer, 9Ty4M, created a unilateral liquidity pool on the Meteora platform, withdrew approximately $2.5 million USDC during the price peak, and only re-injected about $1.5 million after the token's value dropped 60%, netting a profit of approximately $1 million.

Former New York City Mayor Eric Adams launched the NYC Token to fund non-profit organizations, combat anti-Semitism and anti-Americanism, and educate students in blockchain technology. Currently, the market capitalization is $103 million. Mayor Zohran Mamdani has stated that he will not purchase the token.

Former New York City Mayor Eric Adams announced the launch of a cryptocurrency called "NYC Token," aimed at fundraising to combat anti-Semitism and anti-American sentiments and promote blockchain education. The token, launched on the Solana network, briefly reached a market cap of $200 million but then quickly declined. The authenticity of the token is yet to be verified, so investors should exercise caution.