Crypto coin firm touted by Eric Adams denies allegations of ‘rug pull’ scam

The Guardian - World NewsEN 2 min read 100% complete by Dara KerrJanuary 14, 2026 at 02:18 AM

AI Summary

medium article 2 min

NYC Token, a cryptocurrency promoted by former New York City Mayor Eric Adams, is facing accusations of being a "rug pull" scam after its value rapidly plummeted shortly after launch on Monday. The company behind the token denies any wrongdoing, claiming liquidity rebalancing was necessary due to high demand. Cryptocurrency observers noted unusual patterns in the token's liquidity, suggesting pre-planned activity. Adams, a longtime cryptocurrency advocate, introduced NYC Token as a means to combat antisemitism and anti-Americanism, though the connection remains unclear. The token's value fluctuated dramatically, rising to nearly $600 million before falling to under $100 million within hours. The NYC Token website warns of potential investment loss due to value fluctuations.

Key Entities & Roles

Key Player Opposition Context

Times Square 30% X ×240% Bloomberg 40% Bubblemaps ×250% New York City ×270% Eric Adams ×690% NYC Token ×11100%

Keywords

nyc token 100% cryptocurrency 100% rug pull 90% eric adams 80% investment 70% scam allegations 60% liquidity 60% market volatility 50% antisemitism 40%