"Adams has been boosting cryptocurrency in New York for years, even taking his first paycheck as mayor in bitcoin four years ago. But his initial announcement on Monday was still a surprise: This was his first business venture as a private citizen - a meme coin with a mission to, as he put it, "fight antisemitism and anti-Americanism"? He was confident in the new investment opportunity. "We're about to change the game," he posted on X that afternoon."
"Less than an hour after $NYC token's trading launch, Adams was fighting allegations that he had engaged in a rug pull. A time-tested ( and difficult to prosecute) scam in cryptocurrency, a rug pull happens when someone with a public platform creates a coin and promotes it to increase its perceived value. Then, when it seems to be at its highest in value, the coin creator pulls their own liquidity, tanking the price and leaving everyone else in the lurch."
Eric Adams held a Times Square press conference to launch $NYC, a meme cryptocurrency he presented as a tool to address urban and national issues. The token briefly soared to a reported $600 million market cap before an account linked to the issuer withdrew about $2.5 million in liquidity, causing a sharp price collapse and accusations of a rug pull that harmed many traders. A former Adams crypto adviser has claimed Adams stole the idea for the token. Adams previously promoted cryptocurrency in New York and once accepted a mayoral paycheck in bitcoin.
Read at Intelligencer
Unable to calculate read time
Collection
[
|
...
]