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Former New York City Mayor Eric Adams unveiled the “NYC Token” at a Times Square press conference on January 12, 2026, but on-chain activity quickly raised rug pull concerns as liquidity appeared to be withdrawn shortly after launch.
We’re about to change the game. https://t.co/GvEGwt1f44
— Eric Adams (@ericadamsfornyc) January 12, 2026
The Solana-based token, with a 1 billion total supply and 70% allocated to an “NYC Token Reserve” outside circulating supply, was promoted as a vehicle to fund initiatives addressing “anti-Americanism,” antisemitism, and other concerns through nonprofit revenues.
During his Fox interview with Maria Bartiromo, former NYC Mayor Eric Adams gave vague and confusing answers when pressed on the NYC Token’s actual use case. He pointed to Walmart’s supply-chain tracking as blockchain’s best real-world application, saying: “Let’s look at the best use case of blockchain: Walmart. Walmart is using blockchain right now to deal with their tracking of food and tracking of the goods in their stores. It is transparent, anyone can see it, and when you look at this coin, our New York City Coin, the money that is generated from this coin, we’re going to zero in on how do we stop this massive increase of antisemitism across our country and across the globe, really, and how do we deal with the increase in anti-Americanism?”
Eric Adams, former NYC major, has just removed the whole liquidity pool of his new memecoin: a total of $3,430,000 scammed https://t.co/QgGAVzgM3H pic.twitter.com/UdEbufckS3
— Rune (@RuneCrypto_) January 12, 2026
Adams twice misnamed the technology “block change technology,” which in retrospect, makes the whole situation a lot more suspect.
Note that “New York City Coin” (launched by CityCoins early in Adams’ mayoral term) and the new “NYC Token” are separate projects. The original CityCoin was delisted from major exchanges in March, 2023 due to insufficient liquidity.
I bought $NYC because I trusted the name. Lost Over $50000.
> Eric Adams calls it the official NYC token, but it isn’t.
> He says it’s for scholarships and fighting hate, therefore I don’t question it.
> I see Times Square, merch, interviews, but no whitepaper.
> Volume hits… pic.twitter.com/TXRp18AaRq
— Our Crypto Talk (@ourcryptotalk) January 13, 2026
Within hours of the launch, on-chain data revealed significant liquidity movements that sparked questions about the token’s structure and management. Blockchain analytics revealed suspicious patterns. A wallet linked to the deployer (9Ty4M) removed roughly $2.5 million in USDC at the market peak, then added back ~$1.5 million after a 60%+ price drop. Bubblemaps flagged the liquidity manipulation as reminiscent of the LIBRA token controversy. Many reports show at least $3.4 million drained, while StarPlatinun warned of high centralization and elevated risk. The project’s website and Adams’ briefing, however, did not disclose the full team or technical details, fueling the skepticism.
The launch comes in the wake of Adams’ long-standing crypto advocacy. During his tenure as mayor, Eric Adams was a vocal advocate for cryptocurrency, repeatedly stating his goal to position New York City as the global crypto capital. He famously took his first three paychecks in bitcoin through Coinbase, earning him the nickname “Bitcoin mayor” among crypto supporters for his consistent promotion of the sector. The incident again highlights risks in celebrity-endorsed memecoins, especially amid Adams’ recent legal reprieve, with five federal corruption charges famously dropped in 2025 after Trump waded into the matter.
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