"When Adams revealed his "NYC Token" project to a gaggle of reporters in Times Square on Monday morning, he was short on specifics. The former mayor declined to clarify who else was involved with the cryptocurrency, and instead pointed to a website without functioning buttons. He added that the project would teach New York's children about the virtues of blockchain technology and fund initiatives fighting antisemitism."
"According to Nicolas Vaiman, the founder of the crypto analytics firm Bubblemaps, as well as blockchain transactions reviewed by Fortune, the developer likely netted around $1 million in proceeds after withdrawing profits from the market. Though it remains unclear whether Adams received any of the proceeds, the incident recalled similar debacles of celebrity memecoin launches, including Argentina President Javier Milei's Libra scandal in early 2025 and Haliey 'Hawk Tuah girl' Welch's failed launch in late 2024."
Former New York City Mayor Eric Adams launched a "NYC Token" with vague promises to combat antisemitism and teach children blockchain principles. Investor demand briefly pushed the token's market cap to $600 million before the price collapsed. Crypto observers identified hallmarks of a rugpull, and blockchain analysis indicates the developer likely withdrew about $1 million in proceeds. It remains unclear whether Adams received any of those funds. The episode evoked previous celebrity memecoin failures, including Javier Milei's Libra scandal and Haliey Welch's failed launch. Adams has a history of publicly promoting cryptocurrency and associating with blockchain figures.
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