Investors cry foul over former NYC Mayor Eric Adams’s crypto launch: ‘Such an obvious rug’
Fortune • • business
Key Points:
- NYC Token, launched by former NYC mayor Eric Adams, is suspected of being a rugpull scam, with developers likely withdrawing around $1 million in profits, according to crypto analysts and blockchain transaction reviews.
- The token's launch was vague, lacking clear involvement details and featuring a non-functional website, with Adams promoting it as a project to educate children on blockchain and fight antisemitism.
- Eddie Cullen, a former mayoral candidate who had been collaborating on a similar NYC Token initiative, expressed surprise at Adams's announcement and plans to send a cease-and-desist, accusing Adams of acting without coordination.
- The token's liquidity pool was structured unusually, allowing developers to withdraw USDC funds without selling the token itself, a tactic reminiscent
