Former NYC Mayor Eric Adams Accused of Crypto Pump and Dump With NYC Token
Gizmodo • • business
Key Points:
- Former NYC Mayor Eric Adams launched the NYC Token memecoin on the Solana blockchain, aiming to use funds raised to fight anti-Semitism and improve city safety through a nonprofit organization.
- The token quickly experienced a sharp price increase followed by a rapid collapse within an hour, leading to accusations that Adams operated a pump-and-dump scam typical of many meme coins.
- Blockchain data shows at least $2.5 million worth of NYC Token was liquidated into stablecoins shortly after launch, consistent with patterns observed in previous Solana-based meme coin launches.
- Adams previously supported cryptocurrency initiatives, including the New York City Coin on the Stacks blockchain, but these projects failed to gain significant traction despite mayoral endorsements.
- The NYC Token controversy fits into
