Liquidity withdrawals trigger scrutiny of Eric Adams’ NYC token

Beincrypto reports that former New York City Mayor Eric Adams’ newly launched NYC token has drawn concern after on-chain data showed a sharp liquidity withdrawal following its launch, prompting rug-pull speculation; the project team said the movements were part of a rebalancing process.

Adams unveiled the NYC Token at a Times Square press event and said proceeds would fund efforts to combat antisemitism and anti‑American sentiment, announcing the launch on X. The project website states the token is built on Solana with a total supply of 1 billion, an initial circulating supply of 80 million at the token generation event, and 70% of supply allocated to an "NYC Token Reserve" excluded from planned circulating supply.

Market data from GeckoTerminal showed a rapid rally to a market cap above $700 million before a steep decline below $100 million, with a modest rebound to about $128.8 million at the time of writing. On-chain investigators flagged $3.4 million withdrawn from the liquidity pool (Rune Crypto), and Bubblemaps cited "suspicious LP activity": a wallet linked to the deployer (9Ty4M) created a one-sided liquidity pool on Meteora, removed roughly $2.5 million in USDC at the peak, then added about $1.5 million after the price fell by roughly 60%.

Key Topics

Crypto, Eric Adams, Nyc Token, Solana, Liquidity Pool, Rug Pull