Author: Zen, PANews

"We are about to change the game, this thing is going to take off soon!"

On January 12, Eastern Time, less than two weeks after stepping down as Mayor of New York City, Eric Adams stood in Times Square, facing five or six reporters, excitedly introducing a cryptocurrency called "NYC Token" to the public.

This digital token, introduced as aimed at "combating the spread of anti-Semitism and anti-Americanism," saw its market value soar to nearly $600 million within minutes of its launch. However, the euphoria was short-lived, as NYC Token quickly plummeted over 75%, with its market value shrinking to less than $100 million, sparking public outcry.

A series of unusual on-chain fund movements were exposed, turning Adams' first public appearance after leaving office into a farcical spectacle filled with doubts.

Soaring and Plummeting: The Rise and Fall of "NYC Token" Suspected of "Rug Pull"

December 2025 was an incredibly relaxed month for Eric Adams, the last month of his tenure as Mayor of New York City. He could take full advantage of his position to enjoy travel, fulfilling his childhood dream of traveling the world. Accused of suffering from "Mayor Retirement Syndrome," Adams visited Albania, Israel, and Uzbekistan, and flew to New Orleans to happily accept an award from the "Anti-Anti-Semitism Movement."

Critics accused Adams of shirking government responsibilities and misusing public funds for travel opportunities, preparing for his next job. Adams himself did not deny that he was considering overseas job opportunities, vaguely telling reporters, "Many people want me to work in other countries."

However, it was clear that the self-proclaimed "Brooklyn guy" Adams could not let go of his New York ties. No longer serving as mayor, he returned to Times Square after trips to Congo and Dubai, ambitiously announcing his first major venture as a private citizen—NYC Token, a community currency claimed to become the "digital heartbeat of the sleepless city" of New York.

Adams stated that part of the proceeds would be used to "curb the propaganda of anti-Semitism and anti-Americanism," provide crypto education for New York youth, and fund scholarship programs. "Walmart is using blockchain technology to manage its food supply chain and improve transparency; we know the city can operate better. By using NYC Token, we will continue to invest to make our city a safer place."

Regarding project details and specific execution, Adams was vague. According to his statements and official project information, this grand plan can be summarized as: the profits from "NYC Token" will go into an unnamed nonprofit organization to fund groups fighting anti-Semitism. Adams also stated that he "is not currently receiving a salary" and would announce any future decisions regarding this.

After completing his cryptocurrency debut, Adams quickly flew to Dallas. Upon disembarking, he had a confrontation with a female passenger who booed him. Facing the foul-mouthed passenger, the 65-year-old Adams responded forcefully, "Get lost, you will see my Brooklyn character!" A video recording of this incident sparked widespread attention and discussion on social media.

The story of the NYC Token released by Adams in the cryptocurrency world is even more dramatic.

Within minutes of its launch, NYC Token's valuation soared to nearly $600 million, only to plummet, losing over 80% of its value that same night. This anomaly raised the alert of on-chain detectives, and the crypto analysis firm Bubblemaps quickly released an investigation, stating that the crash was due to an account related to the token's creation withdrawing $2.5 million worth of tokens. After the price dropped by 60%, this account added back approximately $1.5 million in USDC.

Bubblemaps founder Nicolas Vaiman stated that as of January 15, the total number of accounts investing in NYC Token was slightly over 4,000, with about 80% of the accounts buying in the first 20 minutes after the token was officially available for purchase. Vaiman noted that this time window provided an advantage to insiders involved in the token issuance and other closely monitoring traders. Most accounts investing in this cryptocurrency suffered losses: 15 traders lost at least $100,000, while 10 traders netted $100,000.

Beosin's analysis indicated that after the issuer withdrew $2.37 million in liquidity, although they continued to buy, they only returned about $1 million, with the remaining $1.33 million still held in the issuer's address. After that, the token price remained stable. According to CMC data, as of January 16, the price of NYC Token was approximately $0.133, with a circulating market value of about $10.6 million and an FDV of about $133 million.

Who are the Manipulators Behind the Scenes?

In response to the overwhelming skepticism from the public, on January 14, Adams issued multiple statements through his former campaign spokesperson Todd Shapiro, clarifying that he did not profit from the token and did not transfer investor funds, claiming that other reports were false and lacked supporting evidence. Spokesperson Shapiro stated, "Like many newly launched digital assets, NYC Token has also experienced market fluctuations. Mr. Adams has always emphasized transparency, accountability, and responsible innovation."

Denying any wrongdoing and attacking the media, Adams once again resorted to his two major tactics during his mayoral term. However, despite claiming to maintain transparency, Adams has still refused to disclose the partners who issued NYC Token with him. He only informed the media that his cryptocurrency mentor, Brock Pierce, co-founder of Tether, was not involved in the project. Pierce stated that he only learned about the project after its launch and said, "If I had been consulted, I would have assembled a more professional and knowledgeable team."

Brock Pierce, co-founder of Tether, with Adams

According to the Associated Press, two individuals closely related to the project confirmed that Adams' former chief advisor, Frank Carone, a former Brooklyn Democratic lawyer, was deeply involved in the token's issuance. Adams' spokesperson Shapiro also confirmed to the Associated Press that one of Carone's former clients, real estate investor Yosef Sefi Zvieli, who is associated with several Israeli hotels, is also one of the project's creators.

However, both Carone and Zvieli, the two core figures, had not previously shown direct experience in cryptocurrency, and their specific roles in the token issuance remain unclear. What is known is that part of Zvieli's work involved contacting influential individuals before the token issuance.

Regarding the claim that NYC Token creators withdrew any funds, Adams denied it, arguing that the signs of withdrawal were the result of adjustments made by designated market makers responsible for buying and selling new token orders to ensure that traders could purchase without causing significant price fluctuations. The market makers for NYC Token include the well-known digital asset brokerage FalconX, which has currently refused to comment on the matter.

Speculation about this farce mainly falls into three categories.

First, NYC Token is a typical "Rug Pull," where insiders hype an asset, drive up the price, and then quickly sell off; such operations are common in the industry, differing only in the timing of the "net closing"; second, some believe that Adams and his inexperienced team may have been deceived by more cunning actual planners behind the scenes, with Adams merely being a victim used as a front.

Another speculation is that NYC Token is merely a channel for Adams to accept bribes, with those expressing this view finding it hard to believe that anyone could be foolish enough not to recognize this obvious scam. However, under related tweets posted by Adams' X account, there are still indications of investors demanding refunds to recover losses.

The Controversial "Bitcoin Mayor"

Adams' enthusiasm for cryptocurrency has long been a hallmark of his public image. After winning the New York City mayoral election in 2021, he boldly announced that he would make New York the "global cryptocurrency capital" and fulfilled his promise to receive his first three months' salary as mayor in Bitcoin. This move earned him the title of "Bitcoin Mayor."

During his tenure, he frequently attended various blockchain events and mingled with crypto celebrities, including Brock Pierce mentioned earlier. Adams positioned himself as a staunch supporter of crypto innovation, claiming to keep New York in line with the times. However, peeling away the facade of financial innovation, Adams has long faced criticism for the criminal records of members of his inner circle and his frequent participation in New York City's nightlife. His governing style has continued to follow a showy route marked by personal worship, neglecting many practical issues in municipal management.

Since 2023, a series of scandals regarding Adams' campaign fundraising and government personnel have gradually come to light, tarnishing the reputation of this ambitious mayor. In November of that year, the FBI conducted a surprise search of Adams' campaign team, seizing multiple mobile phones and computers from the residence of his chief fundraiser. The investigation pointed to a corruption case involving illegal political donations from the Turkish government to Adams' camp through intermediaries.

Subsequently, more explosive news emerged. In September 2024, a federal grand jury in New York officially indicted the sitting Adams, accusing him of using his power to accept overseas bribes, conspiracy to commit fraud, and receiving illegal campaign funds from foreign entities. Adams thus became the first sitting mayor in New York's history to be federally indicted. Following the exposure of the charges, he immediately pleaded not guilty in court and publicly proclaimed his innocence.

This shocking indictment that reverberated across the United States caused Adams' political career to take a sharp downturn. In no time, the question of "Should Adams resign?" became a hot topic of debate in New York's political arena and media. The New York Times published an editorial stating, "Eric Adams should resign," and several political figures from both the Democratic and Republican parties called for his resignation. Polls in the fall of 2024 showed that as many as 70% of New York voters wanted the mayor to take responsibility and resign.

However, Adams refused to relinquish power, insisting on staying in office and actively defending himself. On one hand, he hired a well-known legal team to handle the lawsuit, while on the other hand, he claimed to be a victim of "political persecution" by the Biden administration, arguing that he had criticized the White House for its inadequate support to the city government regarding the immigration crisis in New York.

A dramatic turn of events occurred in early 2025. At that time, Trump was back in the White House, and the new head of the U.S. Department of Justice was instructed to handle Adams' case leniently. Shortly thereafter, in April, the Department of Justice formally requested the court to drop the charges, and then four deputy mayors of the Adams administration announced their resignations.

The judge previously responsible for the case specifically warned that this decision was concerning, suggesting that Mayor Adams' freedom "depended on the extent to which he executed the Trump administration's immigration enforcement priorities," making him "more obedient to the federal government's demands than serving his own constituents."

Behind the judicial release was Adams' rapid political flip for self-preservation. Since the end of 2024, this Democratic mayor began to court Trump's camp. Not only did he publicly echo Trump's hardline stance on immigration, but in January 2025, he traveled to Mar-a-Lago in Florida for a private meeting with Trump. He then skipped the official Martin Luther King Jr. Day events in New York to attend Trump's presidential inauguration in Washington.

People noticed that Adams' policy statements had clearly shifted to the right, gradually aligning with the Trump administration, including agreeing to strengthen New York's cooperation with federal immigration enforcement. It was reported that Trump had even considered offering Adams a presidential pardon if necessary. Ultimately, the Department of Justice granted a de facto pardon to Adams by dropping the charges.

Although he avoided prison time, Adams' political life was severely damaged. In the 2025 New York City mayoral election, due to the scandals surrounding him, he failed to win the Democratic nomination and instead attempted to run as an independent candidate. Later, under the persuasion of Trump's allies, Adams announced his withdrawal from the race in September of that year, calling for support for another candidate with Trump ties, former New York Governor Andrew Cuomo. However, in the November election, emerging progressive politician Zohran Mamdani won and succeeded Adams as the new mayor.

Thus, Adams quietly ended his single term. Following that, he personally got involved in launching a cryptocurrency project, introducing NYC Token, a project heavily colored by memecoin characteristics.

Whether NYC Token was truly seen by Adams as a tool for a comeback and image rebuilding is known only to him. However, regardless of the circumstances, the ugly development and trajectory of NYC Token not only failed to help him restore his reputation but instead added new blemishes to it.

There will always be another Adams; the city of New York never sleeps, and speculation never sleeps either.

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