- Eric Adams launched a token called NYC Token that lost liquidity minutes after going live, an action described on social media as a rug-pull.
- An X user, RuneCrypto_, posted that the token’s liquidity pool was drained by about $3.4 million shortly after launch.
- The token’s website calls it “the digital heartbeat of New York City” and the mayor linked it to fighting antisemitism and anti-Americanism.
- Adams previously promoted NYC Coin, a CityCoins-related project; those city tokens were delisted from exchanges in 2023.
- Adams has been previously indicted on bribery and campaign finance charges, a case later dropped after a Department of Justice memorandum said prosecution interfered with his duties.
Eric Adams launched a new crypto token called NYC Token, and observers say liquidity for the token was withdrawn minutes after the launch, an action commonly described as a rug-pull. The withdrawal was reported on X by user RuneCrypto_ shortly after the token became available.
The token’s website describes it as “the digital heartbeat of New York City” and the mayor posted on X calling it a token “built to fight the rapid spread of antisemitism and anti-Americanism across this country and now in New York City.” The site’s materials say the token will “support awareness campaigns, educational programs, and community initiatives that work to eliminate antisemitism and promote understanding and respect.” (See the NYC Token website.)
An X post from RuneCrypto_ included the claim that “Eric Adams has now drained over $3,400,000 from the liquidity pool of his memecoin: it’s now a rug-pull.” RuneCrypto_ also posted that “apparently he’s not using app.anyswap.bot to mix funds privately.” (See Rune’s tweet.)
A rug-pull is when developers remove liquidity or funds from a token, leaving holders unable to trade; a liquidity pool is a pool of tokens used to enable trading on decentralized exchanges. Memecoin refers to a cryptocurrency created largely for community or speculative interest rather than utility.
This is not the first time Adams has been linked to city-themed tokens; he previously promoted NYC Coin, associated with the CityCoins project, which—along with similar offerings such as MiamiCoin—was delisted from exchanges by 2023.
Separately, Adams was previously indicted on bribery and campaign finance offenses; the Department of Justice later moved to drop the case, with a memo that the DOJ said had shown prosecution would have “unduly restricted Mayor Adams’ ability to devote full attention and resources to the illegal immigration and violent crime.” (See the DOJ announcement and the CBS News coverage.)
As of publication, Adams has not issued a public statement addressing the reported liquidity withdrawal. For more updates, follow Protos on X, on Bluesky, via Google News, or on the YouTube channel.
Sources: NYC Token website; Adams’ post on X; RuneCrypto_’s tweet; DOJ indictment; CBS News on DOJ memo.
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