Eric Adams, the former mayor of New York City, has categorically denied allegations of financial impropriety following the disastrous launch of his cryptocurrency project, NYC Token ($NYC). The token, launched Monday with promises to fund civic causes, plummeted more than 80% within hours of its debut, sparking accusations of a “rug pull.”
A spokesperson for Adams, Todd Shapiro, issued a statement Wednesday rejecting claims that the former mayor liquidated his holdings. “To be absolutely clear: Eric Adams did not move investor funds. Eric Adams did not profit from the launch of the NYC Token,” Shapiro stated, attributing the price collapse to standard “market volatility.”
The Crash and Allegations The controversy began shortly after Adams unveiled the Solana-based token at a Times Square event on Jan. 12, 2026. The project was pitched as a method to fund non-profits fighting antisemitism and “anti-Americanism.”
The token’s market cap briefly surged to approximately $580 million before crashing. On-chain analysis firm Bubblemaps reported that a wallet linked to the token’s deployer withdrew roughly $2.5 million in liquidity near the peak. This removal of funds caused the price to spiral, leaving retail investors with heavy losses.
Adams, known as the “Bitcoin Mayor” for taking his first mayoral paychecks in cryptocurrency, remains under scrutiny as traders monitor the wallets for further movement.
As of Thursday, the token was trading at roughly $0.13, down from its high of $0.47.