- Eric Adams launched the New York City Coin on Jan. 13, 2026, on the Solana (SOL) network, saying it would fight antisemitism and anti-Americanism; the launch was noted in Adams’ X post.
- Shortly after peak trading, addresses tied to the project withdrew between $2.5 million and $3.4 million in liquidity.
- Market activity showed a rapid spike and then steep declines, with some reports of 60%–80% drops within hours and a tweet noting the token fell over 81% from its peak (a tweet).
- Data from Bubblemaps indicates a developer-linked wallet pulled $2.5 million in USDC at the peak and later added $1.5 million after a 60% drop.
- Adams has not issued a public statement on the withdrawals; his pro-crypto record includes taking initial paychecks in Bitcoin, earning him the nickname “Crypto Mayor.”
Former New York City mayor Eric Adams launched the New York City Coin on Jan. 13, 2026, on the Solana (SOL) network and framed the project as a tool to fight antisemitism and anti‑Americanism, as shown in Adams’ X post. Critics now accuse him of removing liquidity shortly after the token’s peak, a move commonly described as a rug pull.
Reports say addresses tied to the token removed between $2.5 million and $3.4 million from trading pools soon after hype peaked. Market data showed a sudden market cap spike followed by rapid declines, with some observers noting losses of 60% to 80% in hours.
A developer-linked wallet withdrew $2.5 million in USDC at the project’s high, then reintroduced $1.5 million after the token fell about 60%, according to Bubblemaps. A separate social post documented the token’s sharp fall, stating "The coin has since crashed over 81% from its peak" in a public tweet.
Accusations of a rug pull circulated in an X post reporting the development, and users observed the abrupt price swings on trading platforms. The former mayor has not released a public response to the withdrawal claims.
During his term, Eric Adams promoted a pro-crypto agenda, accepting early paychecks in Bitcoin and becoming known to some as "Crypto Mayor." The episode has drawn sharp attention to risks in token launches and developer-controlled liquidity.
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