Just two weeks after stepping down, former New York City Mayor Eric Adams, smiling under the neon lights of Times Square, launched a cryptocurrency named "NYC Token," whose market value plummeted like a roller coaster from nearly $600 million within half an hour.
Eric Adams was known as New York City's "Crypto Mayor," having publicly accepted his salary in Bitcoin when he took office and vigorously promoting New York as the "crypto capital of the world" before leaving office.
On January 12, 2026, he announced the launch of NYC Token in Times Square, where its market value briefly soared to $580 million, only to crash 80% within 30 minutes, leaving behind a mess of approximately $3.4 million in liquidity withdrawn and allegations of a "rug pull" scam.
1. The Former Mayor and His "Public Welfare" Meme Coin
● Just twelve days after leaving office, Eric Adams made a striking identity transition. On January 12, 2026, he chose to promote a cryptocurrency named after the city—"NYC Token"—in the bustling and vibrant Times Square.
● Adams assigned it a noble social mission: the funds raised would be used to combat what he termed the waves of "anti-Semitism" and "anti-Americanism," and to fund children's education in blockchain technology. He packaged this project as an educational and social initiative rather than mere financial speculation.
○ “If you can't come to New York, we will bring New York to you,” he said in a promotional video, hinting that the token was about to "take off crazily."
● The project's official website referred to it as "the decentralized financial future of the city that never sleeps," featuring a large smiling photo of Adams. However, the "Buy Now" and "Read White Paper" buttons on the website were both non-clickable at the time of launch.
2. The Burst of the $580 Million Market Value Bubble and "Rug Pull" Allegations
● The birth of NYC Token was accompanied by dramatic market fluctuations. Issued on the Solana network, the token's price surged rapidly after its launch. According to DEXScreener data, its market value once skyrocketed to an astonishing level of $580 million to $600 million in a short time.
● However, this frenzy was extremely short-lived. About 30 minutes later, the price plummeted from $0.47 to around $0.10, with the market value shrinking by over 80%, evaporating nearly $500 million.
● On-chain analysts quickly detected anomalies. The analysis platform Bubblemaps pointed out that a wallet associated with the project deployer withdrew approximately $2.5 million in USDC stablecoins from the liquidity pool at the price peak.
● Although about $1.5 million was later returned, nearly $1 million in funds "disappeared." Another well-known analyst, Rune, stated that over $3.4 million had been withdrawn from the liquidity pool and bluntly claimed that investors had been scammed.
This method of suddenly withdrawing liquidity after attracting funds, leading to a price collapse, is known as a "rug pull" in the cryptocurrency field and is a typical fraudulent behavior.
3. Political Ambitions, Personal Debt, and Unrevealed Partners
Why did Adams dive so quickly into a controversial crypto project after leaving office? His motives may intertwine multiple factors, including political and personal financial pressures.
● First, this move is widely seen as a direct political attack on his successor, newly elected Mayor Jumaane Williams. After taking office, Williams quickly overturned the international Holocaust remembrance alliance's working definition of anti-Semitism adopted during Adams' tenure. Adams positioned the token as a counter to anti-Semitism, interpreted by outsiders as a public rebuke of Williams' policies.
● Secondly, Adams faces significant personal financial pressure. During his time as mayor, he was federally indicted for pursuing a lavish lifestyle, reportedly incurring substantial legal debts.
○ He explicitly stated that he "would not look for a 9-to-5 job" but rather "work for himself." This crypto project may be a quick attempt to repay debts and maintain his standard of living.
● However, the entire project's background is extremely opaque. Adams refused to disclose any partners' identities at the press conference, vaguely stating that there were "international business partners."
The project’s official website vaguely mentioned that the "team" would receive 10% of the profits but did not list any members. This reticence regarding key information further deepened external doubts about its compliance and true intentions.
4. Policy Legacy and Industry Shift
Adams' actions align with the "pro-crypto" image he cultivated during his tenure but represent a dangerous qualitative shift.
● During his time as mayor, he was one of the most supportive mayors of cryptocurrency in the U.S., not only converting his first three paychecks into Bitcoin, earning the nickname "Bitcoin Mayor," but also actively promoting New York as a crypto hub.
Three months before leaving office, he signed an executive order establishing the nation’s first municipal "Office of Digital Assets and Blockchain Technology," attempting to solidify his policy legacy.
● However, from advocating serious blockchain technology innovation to promoting a vague, potentially fraudulent meme coin, Adams' actions mark a dangerous decline.
● Industry veterans are outraged. Uniswap founder Hayden Adams strongly criticized celebrities and politicians for using blockchain for scams. He pointed out that celebrities should utilize the technology transparently and legally, such as providing real value to token holders rather than engaging in "rug pulls."
● Ironically, New York's crypto policy direction is undergoing a fundamental shift due to the change in government. New Mayor Williams holds a more cautious and even critical attitude toward cryptocurrencies, contrasting sharply with Adams' aggressive promotion before leaving office.
The "crypto legacy" left by Adams is likely to be quickly rewritten after his departure.
5. When Political Credibility is Consumed by Financial Speculation
The impact of the NYC Token incident extends far beyond a failed investment. It reveals the destructive consequences that can arise when the credibility of political figures is injected into high-risk financial speculation.
● First, this incident severely depleted the credibility capital of public figures. Adams leveraged his former mayoral identity and influence to endorse the project, attracting significant attention and funds. When the project rapidly collapsed and was accused of fraud, it damaged not only his personal reputation but also the public's trust in political figures venturing into emerging technology fields.
● Secondly, it sounds the alarm for regulation in the cryptocurrency industry. The issuance of tokens by celebrities and allegations of "rug pulls" are not isolated incidents.
● Analysts have compared this incident to the LIBRA token scam previously promoted by Argentine President Javier Milei. These cases highlight how, in the absence of a clear regulatory framework, celebrity influence can easily become a catalyst for financial fraud, increasing risks for ordinary investors.
● Finally, the incident sparked discussions about the "revolving door" of departing officials and ethical standards. Adams immediately engaged in a business project after leaving office, with opaque project details raising concerns about whether he violated ethical standards for departing officials.
While claiming that project funds would be used for public welfare, he was accused of withdrawing liquidity, creating a contradiction that significantly undermined the authenticity of his promises.
The hustle and bustle of Times Square will eventually fade, but on-chain data eternally records this fall from the peak of $580 million. New Mayor Williams responded to inquiries about purchasing this token with just one word: "No."
When Adams shouted in the promotional video, "We are about to change the game," he perhaps did not anticipate that what would ultimately change was the public's last trust in a former mayor.
Join our community to discuss and grow stronger together!
Official Telegram community: https://t.me/aicoincn
AiCoin Chinese Twitter: https://x.com/AiCoinzh
OKX benefits group: https://aicoin.com/link/chat?cid=l61eM4owQ
Binance benefits group: https://aicoin.com/link/chat?cid=ynr7d1P6Z
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
