Former NYC Mayor Eric Adams accused of $2.5 million crypto ‘rug pull’ as his NYC Token crashes

Former NYC Mayor Eric Adams has come under fire after his new cryptocurrency token crashed just hours following its launch on Monday. As reported by CoinDesk, Adams' "NYC Token" hit a $580 million market capitalization at its peak before plummeting to around $130 million at this time of writing.

Data from the blockchain analysis platform, Bubblemaps, flagged "suspicious" activity surrounding the coin. A wallet linked to the NYC Token's deployer withdrew around $2.5 million in liquidity when the token reached its peak.