Key Highlights
- The former mayor’s NYC token soared to $600M before crashing below $100M amid suspicious liquidity moves raising investor caution.
- The token claims to be used for funding scholarships and fighting antisemitism, but liquidity manipulation echoes past controversial launches like LIBRA.
- Eric Adams, who is also a longtime crypto advocate, faces scrutiny from a federal probe, yet pushes NYC token as a social and blockchain education tool.
New York City’s former mayor, Eric Adams, caused a stir this week with the launch of his new cryptocurrency, NYC token. Adams announced the token on X, saying it aims to “fight the rapid spread of antisemitism and anti-Americanism across this country and now in New York City.” The token surged to a $600 million market cap within hours before dramatically collapsing below $100 million.
Market data shows the token price surged to as high as $0.58 in market price just to later fall down near $0.1, after significant liquidity pull-back.
While the launch generated massive attention across social media and within the crypto community, Bubblemaps highlighted suspicious liquidity activity involving wallet 9Ty4M, connected to the token’s deployer. The wallet created a one-sided liquidity pool on Meteora, removed around $2.5 million in USDC at the market’s peak, and later added $1.5 million after a 60% price drop.
Liquidity moves raise red flags
The aggressive liquidity maneuvers resemble previous controversial token launches, such as LIBRA, which saw its developers absorb millions in USDC and SOL. Bubblemaps warned, “There has been no explanation for these liquidity moves. This is unfortunately reminiscent of the $LIBRA launch, where liquidity was also heavily manipulated.”
Adams emphasized the coin’s social mission during a recent media interview. He stated, “The money that’s raised is going to go to those nonprofits like Combat Antisemitism, going into the college funds, such as the historical HBCUs.” The token’s website describes NYC token as “more than a token—it’s a movement,” designed for “dreamers, innovators, and believers who understand that in New York, anything is possible.”
Adams’ crypto history and controversies
The former mayor has promoted cryptocurrency for years. He converted his first mayoral paycheck to Bitcoin and Ethereum, though legal regulations required the funds to pass through Coinbase.
In October of 2025, Adams established the Office of Digital Assets & Blockchain Technology to improve blockchain awareness and economic freedom in the city. As part of it, he also launched a 61-page plan to leverage blockchain opportunities for agencies.
Right now, Adams is under serious scrutiny. In 2025, he became the first NYC mayor indicted while in office after an FBI probe into alleged illegal donations from the Turkish government. Charges are still sealed, but Adams told The New York Post, “If I am charged, I am innocent, and I will fight this with every ounce of my strength and spirit.”
Also Read: CFTC Taps Tyler Winklevoss and Crypto CEOs for Innovation Panel
