The $NYC memecoin episode is being framed online around one central allegation: that former New York City Mayor Eric Adams promoted a new token and liquidity was pulled shortly after, leaving traders staring at an 81% drawdown and a pile of on-chain receipts.
Adams reportedly launched a crypto token claiming it would fight “antisemitism and anti-Americanism,” and said the coin later crashed more than 81% from its peak.
Crypto observers alleged Adams removed liquidity of the $NYC memecoin and scammed investors for $2,536,301, followed by liquidity removal after promotion on his personal social media, including a claim the token was “the NYC token.”
A transaction screenshot filtered to USDC and flow out shows five outgoing transfers, matching the $2,536,301 figure cited.
Later on, crypto observers noted that the “whole liquidity pool” was removed and that a total of $3,430,000 was “scammed.”
In the screenshots, Adams’ account posted “We’re about to change the game,” linking to “buynyctoken.” A “readers added context” note on X characterizes the alleged liquidity withdrawal as a typical “rug pull.”
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