Eric Adams faces $3M rugpull allegation after issuing NYC Token

2 days ago

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Former NYC Mayor Eric Adams faces allegations of a $3 million rug pull involving NYC Token.
NYC Token's market cap briefly hit $580 million before a sharp decline due to liquidity concerns.
On-chain data shows $2.5 million in USDC liquidity removed by a wallet linked to the token's deployer.
Adams denies rug pull claims, stating liquidity adjustments were made to ensure smooth trading.
NYC Token's website mentions a 1 billion coin supply, with 70% allocated to a non-circulating reserve.
Adams promoted the token as a means to fund efforts against antisemitism and anti-Americanism.
Confusion arose as Adams referred to blockchain as 'block change technology' during an interview.
NYC Token is distinct from the previously launched New York City Coin by CityCoins.

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