Former New York City Mayor Eric Adams has denied obtaining any personal gain following the turbulent NYC Token memecoin launch. Through his spokesperson, Todd Shapiro, the politician dismissed allegations of withdrawing investor funds as “false,” asserting that his participation in the promotion of the digital asset—which took place this Monday in Times Square—was entirely transparent and without immediate profit motives.
The project, presented as a tool to combat antisemitism and promote blockchain education, reached a market capitalization of $580 million before collapsing 80% in less than an hour. This market behavior led analysts to characterize the NYC Token memecoin launch as a suspected “rug pull,” citing suspicious liquidity movements detected in wallets linked to the contract deployment on the Solana network.
The current focus remains on the potential reaction from regulators and the possibility of formal investigations into those responsible for the NYC Token memecoin launch. While the project team justifies the withdrawals as a “liquidity rebalancing,” affected investors and the crypto community remain vigilant regarding the identity of Adams’ undisclosed partners and the former mayor’s legal future following this latest financial scandal.
Source:https://x.com/ericadamsfornyc/status/2011541285354815932
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