Eric Adams Promoted NYC Token Faces Rug Pull Concerns

Former New York City Mayor Eric Adams drew attention from the crypto community on Monday after publicly promoting a newly launched memecoin that was later accused by analysts of showing rug-pull–like behavior.

Adams, who officially left office on January 1, introduced the token branded as “NYC Token” along with an accompanying website during a press event held in Times Square, according to multiple local media reports.

Not long after the announcement, blockchain data began raising red flags. On-chain monitoring indicated that a significant portion of the token’s liquidity may have been removed within hours of the launch. Crypto researcher Rune Crypto reported on X that approximately $3.4 million in liquidity had been withdrawn.

Additional concerns were raised by X user StarPlatinum, who cautioned that the project appears to be highly centralized, making it particularly risky for traders.

Blockchain analytics platform Bubblemaps also highlighted unusual trading behavior. According to the firm, a wallet linked to the token’s deployer removed around $2.5 million in USDC near the token’s price peak, then later reintroduced roughly $1.5 million after the token had already declined by more than 60%.

Bubblemaps noted that the liquidity movements resemble patterns seen in the controversial LIBRA token launch, where liquidity manipulation was also suspected.

The Block reported that it has contacted Adams for clarification and additional details but has not yet received a response.

According to the project’s official website, the NYC Token is issued on the Solana blockchain with a maximum supply of 1 billion tokens. The site claims that 70% of the total supply is designated for an “NYC Token Reserve” and excluded from the intended circulating supply.

During the press conference, Adams stated that the token aims to support initiatives targeting what he described as “anti-Americanism,” antisemitism, and other issues. Revenue generated from the token is reportedly intended to be funneled to an unnamed nonprofit organization, according to coverage by the New York Post.