{"id":5592,"date":"2026-01-14T04:40:41","date_gmt":"2026-01-14T04:40:41","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=5592"},"modified":"2026-01-14T04:40:41","modified_gmt":"2026-01-14T04:40:41","slug":"bitcoin-mayor-eric-adams-draws-crypto-backlash-after-nyc-token-liquidity-shock","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=5592","title":{"rendered":"\u2018Bitcoin Mayor\u2019 Eric Adams Draws Crypto Backlash After NYC Token Liquidity Shock"},"content":{"rendered":"

<\/p>\n

\n
\n
\n
    \n
  • Former NYC Mayor Eric Adams launched \u201cNYC Token\u201d in Times Square, claiming proceeds would fund efforts against antisemitism through an unnamed nonprofit, though he provided few technical details.<\/span><\/li>\n
  • The token\u2019s market cap hit US$580 million before crashing 80%; on-chain analysts flagged a \u201crug pull\u201d after a deployer wallet removed US$2.5 million in liquidity at the peak.<\/span><\/li>\n
  • Adams defended the project on Fox Business, dismissing the crash as a \u201cliquidity rebalance\u201d while repeatedly referring to the industry as \u201cblock change technology.\u201d<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Former NYC mayor Eric Adams promoted a new memecoin, \u201cNYC Token,\u201d on Monday in Times Square, pitching it as a project tied to civic causes and saying proceeds would support efforts against antisemitism and \u201canti-Americanism\u201d through an unnamed nonprofit.\u00a0<\/p>\n

    He did not name co-founders or explain how funds would be controlled, and the launch prompted confusion with \u201cNew York City Coin,\u201d a separate earlier project that was later delisted by major exchanges in 2023 for low liquidity.<\/p>\n

    Read more:<\/strong> Monero Breaks $500 as Zcash Turmoil and Privacy Narrative Fuel Rally<\/p>\n

    Another Memecoin Rugpull\u2026<\/h2>\n

    Trading in NYC Token spiked immediately after launch, with the token briefly reaching a reported US$580 million (AU$887.4 million) market value before a steep reversal. The website lists a total supply of 1 billion tokens and says 70% is allocated to a \u201creserve\u201d that is excluded from circulating supply.<\/p>\n

    The price drop intensified after onchain researchers flagged liquidity movements. Bubblemaps and other analysts said a wallet linked to the token\u2019s deployer removed about US$2.5 million (AU$3.8 million) in USDC liquidity near the peak.<\/p>\n

    \n
    \n
    \n

    Eric Adams, former NYC major, has just removed liquidity of his new memecoin, $NYC<\/a>, scamming investors for over $2,536,301<\/p>\n

    He launched a $NYC<\/a> memecoin just 30 minutes ago, and has removed its liquidity after promoting it on his personal social media, claiming to be the NYC token pic.twitter.com\/pFAG7l0XMq<\/a><\/p>\n

    \u2014 Rune (@RuneCrypto_) January 12, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

    They said roughly US$1.5 million (AU$2.2 million) was later added back only after the token had fallen more than 60%, leaving about US$900K (AU$1.3 million) not returned.<\/p>\n

    Adams denied \u201crug pull\u201d accusations. In an emailed statement Tuesday, he said a market maker shifted liquidity to keep trading functioning and claimed the team has not sold tokens and is subject to lockups and transfer restrictions.\u00a0<\/p>\n

    In a Fox interview with Maria Bartiromo, he gave vague answers, not to call them bizarre, about the token\u2019s use case and twice referred to blockchain as \u201cblock change technology.\u201d<\/p>\n

    Read more:<\/strong> XRP ETFs Top $1B in Inflows, But Analysts Warn the Rally May Fade<\/p>\n<\/p><\/div>\n