{"id":59296,"date":"2026-01-14T10:11:41","date_gmt":"2026-01-14T03:11:41","guid":{"rendered":"https:\/\/hbbgroup.net\/the-nyc-token-crash-allegations-of-rug-pull-after-2-5-million-liquidity-withdrawal\/"},"modified":"2026-01-14T10:11:41","modified_gmt":"2026-01-14T03:11:41","slug":"the-nyc-token-crash-allegations-of-rug-pull-after-2-5-million-liquidity-withdrawal","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/the-nyc-token-crash-allegations-of-rug-pull-after-2-5-million-liquidity-withdrawal\/","title":{"rendered":"The NYC Token Crash: Allegations Of Rug Pull After $2.5 Million Liquidity Withdrawal"},"content":{"rendered":"
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Former New York City Mayor Eric Adams is facing significant backlash after the crash of his newly launched cryptocurrency, the NYC Token, shortly after its debut on Monday. The token initially soared to a market cap of $580 million but has since fallen sharply to approximately $133 million.<\/span><\/p>\n

Eric Adams Under Fire<\/span><\/h2>\n

In a promotional video, Adams declared, \u201cWe\u2019re about to change the game. This thing is about to take off like crazy.\u201d However, the excitement was short-lived as evidence surfaced suggesting that the steep decline in value resulted from a significant sell-off involving a user connected to the NYC Token\u2019s development team.<\/span><\/p>\n

Blockchain analysis platform Bubblemaps <\/span>flagged <\/span><\/a>potentially concerning activity linked to the NYC Token. Notably, a wallet associated with the token\u2019s deployer withdrew around $2.5 million in liquidity when the token peaked.\u00a0<\/span><\/p>\n

Although about $1.5 million was returned after the token\u2019s value dropped by 60%, approximately $900,000 remains unreturned. This has led users on social media platform X (formerly Twitter) to accuse Adams of orchestrating a crypto rug pull.\u00a0<\/span><\/p>\n

\"NYC
NYC Token\u2019s crash following its Monday launch. Source: Bubblemaps on X<\/a><\/figcaption><\/figure>\n

Adams, who has been an outspoken proponent of cryptocurrency, <\/span>stated <\/span><\/a>during a Monday event that some of the funds generated by the NYC Token would be directed towards nonprofits focused on combating antisemitism and \u201canti-Americanism.\u201d\u00a0<\/span>Additionally, he expressed intentions to use the proceeds to \u201cteach our children about embracing blockchain technology.\u201d<\/span><\/p>\n

The NYC Token\u2019s official website states there is a total supply<\/a> of one billion tokens in circulation, and details reveal that 10 percent of profits are allocated to the team\u2019s activities, though the identities of those involved were not disclosed.\u00a0<\/span><\/p>\n

NYC Token Team Responds\u00a0<\/span><\/h2>\n

In <\/span>response <\/span><\/a>to criticism, the NYC Token team acknowledged the liquidity withdrawal, stating, \u201cGiven the overwhelming support and demand for the token at launch, our partners had to rebalance the liquidity.\u201d They added, \u201cWe\u2019re in it for the long haul!\u201d\u00a0<\/span><\/p>\n

However, there remains uncertainty about the details surrounding the token\u2019s launch, with a recently listed entity, C18 Digital, associated with the project. Delaware corporation records show that C18 Digital was incorporated on December 30, 2025.<\/span><\/p>\n

Typically, when a cryptocurrency launches, developers create a liquidity pool<\/a> using various assets, such as Circle\u2019s USDC or Solana (SOL), to allow users to buy and sell the new token. The NYC Token took a different approach by establishing a one-sided liquidity pool comprised solely of the token itself.\u00a0<\/span><\/p>\n

As users began purchasing the token, they injected liquidity into the pool using USDC, which was followed by the significant withdrawal of $2.5 million. This tactic, described by analyst Vaiman, can be more subtle than direct token sell-offs.<\/span><\/p>\n

Following the viral reports of the alleged rug pull, a new account associated with the NYC Token announced that additional funds had been injected into the liquidity pool.\u00a0<\/span><\/p>\n

\"NYC
The daily chart shows the total crypto market cap\u2019s surge on Tuesday. Source: TOTAL on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from CNN, chart from TradingView.com\u00a0<\/span><\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

Former New York City Mayor Eric Adams is facing significant backlash after the crash of his newly launched cryptocurrency, the […]<\/p>","protected":false},"author":5,"featured_media":59297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-59296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/59296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=59296"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/59296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/59297"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=59296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=59296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=59296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}