Former New York City Mayor Eric Adams is in hot water after promoting a crypto asset whose prices suffered a massive drop shortly after its launch.
Adams introduced memecoin NYC token as a crypto asset with a cause.
“Proud to launch @buynyctoken, a new token designed to combat the rapid spread of anti-Semitism and anti-Americanism across this country and now in New York.”
The token surged after its launch. Data from decentralized exchange (DEX) tracker Gecko Terminal watch the coin’s price reached $0.8 before dropping to $0.1116.
“The token has since fallen over 81% from its peak, with @Bubblemaps reporting suspicious LP activity, with the team mining $1M by cycling liquidity.”
The former mayor now faces allegations of a rug-pulling scam, which occurs when people behind an asset quickly sell their investments.
Said Rune Crypto on social media platform
“Former New York major Eric Adams just wiped out liquidity from his new memecoin, $NYC, scamming investors out of over $2,536,301.
He launched a $NYC memecoin just 30 minutes ago and removed its liquidity after promoting it on his personal social media, claiming to be the New York token.
The memecoin team claims that NYC Token is not a rug pulling system.
“Given the overwhelming support and demand for the token at launch, our partners had to rebalance liquidity. We are aware of reports of transactions removing liquidity from the pool. The team has started funding TWAP and added additional funds to the liquidity pool. We are in it for the long haul!”
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