Adams ally Frank Carone among partners behind NYC ex-mayor's controversial crypto token
New York Daily News • • business
Key Points:
- Frank Carone, a longtime confidant of ex-NYC Mayor Eric Adams, is confirmed as a partner in the controversial NYC Token cryptocurrency launch, though details of his involvement remain unclear.
- The NYC Token's value plummeted shortly after launch due to a large liquidity withdrawal, sparking accusations of a "rug pull" scam, which representatives have denied without providing further explanation.
- Eddie Cullen, a former mayoral candidate and crypto executive, alleges that Adams' team stole his proposal for the NYC Token and has threatened legal action with a cease-and-desist letter.
- Crypto billionaire Brock Pierce, close to Adams, acknowledged a flawed rollout but denied any wrongdoing, affirming that the liquidity funds remain part of the project.
