Former New York Mayor Launches ‘NYC Token’ – Crashes 80% in minutes

Former New York “Bitcoin Mayor” Eric Adams has unveiled NYC Token to fight the spread of “antisemitism and anti-Americanism” across this country.

The memecoin with a tagline – “the digital heartbeat of New York City” was touted by the former mayor himself from the back of a taxi cab.

“We’re about to change the game. If you can’t make it to New York, we’re going to bring New York to you,” said Eric in the announcement video.

“This thing is about to take off like crazy.”

Memecoin to Address ‘Anti-Americanism, Antisemitism’

Addressing reporters in Times Square, NYC, on Monday, Adams said that the launch comes from his tenure as the city’s Mayor for four years. He noted that the NYC Token uses “up-to-date technology” to address what he calls rapidly growing “antisemitism and anti-Americanism.”

In a video posted by a reporter for the New York Daily News, Josie Stratman, Adams said that the project will teach children how to embrace the nascent blockchain tech.

“I’m not taking a salary at this time,” he told reporters. However, a decision to pay him a salary would be considered later, he added.

The pro-crypto mayor Adams, 65, stepped back from reelection bid, citing financial struggles. Zohran Mamdani took over the NYC mayoral seat on January 1, with the official swearing-in ceremony at City Hall.

Before exiting, Adams established the “nation’s first-ever” municipal office for crypto and blockchain to promote “responsible innovation.”

The NYC Token official website said that there will be one billion in circulation. “NYC Token is a next-generation cryptocurrency inspired by the relentless energy and innovation of New York City,” the description reads.

NYC Token Hit $580M Marketcap, Plunge 80% in Minutes Due to Rug Pull

The memecoin took off with a staggering $580 million in market cap following the launch, only to crash 80% in a matter of minutes. The NYC Token wiped out nearly $500 million, after reports erupted that the memecoin had been rug-pulled.

Rune Crypto posted on X that at least $3.4 million has been drained, following the withdrawal of a large share of the token’s liquidity.

“Eric Adams, former NYC mayor, has just removed liquidity of his new memecoin, $NYC, scamming investors for over $2,536,301,” Rune claimed.

Another crypto user, StarPlatinum, also flagged that the token is “extremely centralized and high risk.”

“Top 10 holders control 98.73% of all tokens,” the user wrote, adding that 70% of the memecoin supply is controlled by one wallet.

Eric Adams faced five federal charges linked to a historic corruption case. But last year, the case was dismissed with prejudice following the US Department of Justice’s request.