Investors cry foul over former NYC Mayor Eric Adams’s crypto launch: ‘Such an obvious rug’

On Monday night, hours after announcing his “NYC Token” at a press conference in Times Square, former New York City Mayor Eric Adams launched his cryptocurrency. The purpose of the token was unclear—beyond a vague promise by Adams that it would combat antisemitism—but investors bought it up anyway, briefly sending its market cap to $600 million. Then it crashed. 

It didn’t take long for crypto observers to declare NYC Token had all the hallmarks of a dreaded rugpull—a common scam where...