Key Notes
- Eric Adams is linked to the NYC Token launch that sparked rugpull concerns.
- One trader, Dr6s2o, lost roughly $473,500 within minutes during the selloff.
- A deployer-linked wallet withdrew about $2.5 million, triggering panic selling.
Eric Adams’ rug pull claims have surfaced online after the former New York City mayor launched the NYC Token. As detailed, liquidity was pulled near the price peak, triggering a sharp crash that wiped out millions in minutes. This left traders accusing the project of a coordinated exit amid panic selling.
Eric Adams Rug Pull Raises Liquidity Questions
According to on-chain trackers, wallets linked to the NYC Token deployer removed large amounts of USDC from the liquidity pool shortly after trading began. Data shared by Lookonchain shows that about 3.18 million USDC
USDC
$1.00
24h volatility:
0.0%
Market cap:
$74.29 B
Vol. 24h:
$13.61 B
was pulled at the height of the price move.
As the funds ran out, the token price fell fast, forcing many holders to sell in panic. One trader, identified as Dr6s2o, lost roughly $473,500 within twenty minutes, a drop of more than 60%.
Meanwhile, Bubblemaps reported that a connected wallet later withdrew about $2.5 million in USDC near the top and returned close to $1.5 million after the massive price crash. Researchers said the wallet set up a one-sided pool on Meteora, then adjusted liquidity as prices moved, a pattern that raised fresh concerns.
As of writing, CoinMarketCap data shows NYC Token trading at $0.1306, up 1.22% in the past 24 hours. This suggests a positive outlook for the meme coin market, which Coinspeaker reported was under pressure last December as liquidations at the time crossed $500 million.
NYC Token Launch Draws Scrutiny
Earlier, Eric Adams presented the NYC Token at a Times Square event, describing it as a civic project meant to support education and fight antisemitism. The Solana-based coin listed a total supply of one billion tokens, with eighty million available at launch, and plans to expand circulation.
However, the project website showed no whitepaper or partner details, leaving basic questions unanswered as prices swung. The meme coin briefly climbed to a market value near $580 million before sliding more than 80%, then stabilizing above $110 million.
Notably, the episode adds to a growing list of political meme coins, following TRUMP and MELANIA, where hype, fast gains, and thin liquidity leave late buyers exposed.
Meanwhile, following the launch of both meme coins, Senator Elizabeth Warren called on US regulators and ethics offices to investigate the TRUMP and MELANIA meme coins. She cited potential conflicts of interest and rug-pull risks.
Observers say the Eric Adams rug pull claims will draw a similar review from traders and regulators moving forward.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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Source: https://www.coinspeaker.com/eric-adams-rug0pull-token-launch/
