tech
Eric Adams slammed for 'pulling the rug' on new NYC crypto coin
Former New York Mayor Eric Adams is facing blistering accusations from the cryptocurrency community after a digital token he helped promote collapsed in value, triggering what many traders are calling a “rug pull” that wiped out millions of dollars in investor funds.
TL;DR
- Eric Adams is facing accusations of a "rug pull" related to the NYC token he promoted.
- The NYC token, a Solana-based meme coin, surged in value upon launch but quickly plummeted by over 80%.
- Critics allege developers pulled millions from the token's liquidity pool, a common "rug pull" tactic.
- The NYC token creators stated they needed to "rebalance the liquidity" due to demand.
- Investors estimate at least $3 million in liquidity was removed during the crash.
- Adams, a former crypto advocate, previously supported digital assets and blockchain adoption.