Former New York Metropolis Mayor Eric Adams is in sizzling water after selling a crypto asset that suffered an enormous value drop shortly after its launch.
Adams launched the memecoin NYC Token as a crypto asset with a trigger.
“Proud to launch @buynyctoken, a brand new token constructed to struggle the speedy unfold of antisemitism and anti-Americanism throughout this nation and now in New York Metropolis.”
The token surged following its launch. Information from the decentralized trade (DEX) tracker Gecko Terminal reveals the coin’s value hit $0.8 earlier than plummeting to $0.1116.
“The token has since fallen over 81% from its peak with @Bubblemaps flagging suspicious LP exercise with the staff extracting $1M by biking liquidity.”
The ex-mayor now faces allegations of a rug pull rip-off, which occurs when the individuals behind an asset shortly promote their investments.
Says Rune Crypto on the social media platform X,
“Eric Adams, former NYC main, has simply eliminated liquidity of his new memecoin, $NYC, scamming buyers for over $2,536,301
He launched a $NYC memecoin simply half-hour in the past, and has eliminated its liquidity after selling it on his private social media, claiming to be the NYC token.”
The memecoin’s staff says the NYC Token isn’t a rug pull scheme.
“Given the overwhelming assist and demand for the token at launch, our companions needed to rebalance the liquidity. We’re conscious of experiences flagging the transactions eradicating liquidity from the pool. The staff commenced the funds for TWAP and added further funds to the liquidity pool. We’re in it for the lengthy haul!”
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