Eric Adams’ tenure as NYC mayor was overshadowed by a large corruption scandal between 2023 and 2024; critics question his integrity in launching a cryptocurrency project
Former NYC Mayor Eric Adams launched his own cryptocurrency, “NYC Token,” on the Ethereum Blockchain. Adams stated that funds raised by the sale of NYC Token will go towards fighting antisemitism and “anti-Americanism.” The project has since been called a “rugpull” by investors.
Eric Adams announced the launch of his own cryptocurrency, NYC Token, on January 12th at a press conference in Times Square. The former mayor told Fox News that his goal with the sale of NYC Token ($NYC) was to donate the proceeds to fund three different initiatives: Antisemitism education and awareness, blockchain education for New York City youth, and scholarships for talented students in underserved New York City communities.
Adams also made clear his concern about a rise in what he called “anti-Americanism” spreading throughout “Ivy League college campuses and inner cities.” His hope is to use blockchain technology to combat this and other social issues in New York City by funding different nonprofits like Combat Antisemitism without raising taxes.
Social media went into a frenzy after investors of $NYC took to X, claiming that the token was rug-pulled shortly after launch. One user, AshCrypto, stated that the token hit $500 million in market cap before experiencing an 80% crash to below $100 million after liquidity was withdrawn from the project. This liquidity removal apparently happened just around 30 minutes after the token’s initial launch, according to @RuneCrypto_ on X. Bubblemaps, an analytics platform that maps on-chain data and activity, posted that a wallet connected to the $NYC deployer cashed out on $2.5 million when the token peaked in price.
Under a post on Eric Adams’ official X account announcing the launch of $NYC, there is now a community note claiming that the former mayor himself withdrew liquidity from the token shortly after launch. The official NYC Token account on X posted a statement to address concerns, stating:
“Given the overwhelming support and demand for the token at launch, our partners had to rebalance the liquidity. We are aware of reports flagging the transactions removing liquidity from the pool.”
They then went on to say that the team has since “added additional funds to the liquidity pool.”
The founder of Uniswap, Hayden Adams, also criticized Eric Adams’ actions and ultimately the trend of celebrities using their fame to launch tokens and scam unsuspecting investors. He made a point that it is entirely possible for those with status and a following to be able to monetize it through the blockchain without ripping people off. He additionally argued that celebrities can likely make even more money by launching a legitimate project instead.
Adams’ tenure as mayor of the largest city in the U.S. was largely overshadowed by a tumultuous corruption scandal. In 2024, he was accused of accepting illegal campaign donations and charged with wire fraud, conspiracy, and multiple counts of bribery, according to a CBS News timeline on the matter. Federal agents raided the homes of Adams and multiple members of his administration between 2023 and 2024, leading to a series of resignations. Adams pleaded not guilty to his charges, and the case was ultimately dropped at the request of the Trump Administration’s Department of Justice in April of 2025. The former mayor maintains his innocence to this day.
It has only been roughly two weeks since Eric Adams left the New York City mayor’s office after Zohran Mamdani was elected to replace him in 2025. Critics of Adams have taken to social media to attack his integrity both before and after the launch of the token, questioning why anyone would trust him with their money, considering his history.
