- Eric Adams launched the NYC token, saying it would fund causes and teach blockchain skills.
- A wallet tied to the token deployer added token liquidity, then removed roughly $2.43 million in USDC and later returned $1.5 million, leaving about $932,000 unaccounted for.
- On-chain analytics platform Bubblemaps flagged the moves and linked them to a specific Solscan account.
- The token surged to about a $600 million market cap before falling to roughly $110 million, according to on-chain data and price tracking.
- Observers compared the episode to prior political token failures, including the LIBRA scandal and related findings in a Nansen report.
Former New York City Mayor Eric Adams launched the NYC token at a Times Square event on Monday, saying the project would address causes such as "antisemitism and anti-Americanism" and teach children "how to embrace the blockchain technology." A wallet linked to the token deployer added liquidity on a decentralized exchange and then removed funds, according to on-chain records and analytics.
Blockchain trackers show the deployer sent 80 million tokens to a liquidity account and created one-sided pools on Meteora. A linked wallet removed $2.43 million in USDC and later added back $1.5 million, leaving roughly $932,000 of USDC liquidity unaccounted for; these moves are visible in a Solscan transaction log. On-chain analytics provider Bubblemaps posted that, "This wallet then: removed ~$2.5M USDC at the peak, added back ~$1.5M USDC after a -60% drop." They added that "There has been no explanation for these liquidity moves."
The NYC token briefly climbed to an estimated $600 million market capitalization before collapsing to about $110 million, per Solscan data and price tracking. The token has a maximum supply of 1 billion and is promoted on its official website as representing New York City’s spirit.
Observers noted similarities to earlier political token controversies, such as the LIBRA launch, which a Nansen report found left most investors at a loss. Court filings in related cases have previously named operators behind multiple high-profile token launches. No statement has been released to explain the recent liquidity transactions.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Lummis, Wyden Propose Bill Exempting Blockchain Developers.
- Musk Warns Apple-Google Deal Creates ‘Unreasonable’ Power Now
- CFTC forms Innovation Advisory Committee to guide crypto AI.
- Meta Compute launch: META stock slips nearly 2% after reveal
- OpenAI Acquires Torch, Expands ChatGPT Health Amidst Rivalry
