Former New York Mayor Eric Adams launches Memecoin, accused of attracting liquidity at peak prices

Former New York Mayor Eric Adams is in scorching water after selling a crypto asset that noticed an enormous value drop shortly after its launch.

Adams introduced the memecoin NYC Token as a crypto asset with a objective.

“Proud to launch @buynyctoken, a brand new token constructed to fight the fast unfold of anti-Semitism and anti-Americanism on this nation and now in New York Metropolis.”

The token rose after the launch. Information from the decentralized alternate tracker (DEX) Gecko Terminal shows the worth of the coin reached $0.8 earlier than plummeting to $0.1116.

“The token has since fallen greater than 81% from its peak, with @Bubblemaps flagging suspicious LP exercise, with the crew withdrawing $1 million by exchanging liquidity.”

The ex-mayor now faces costs of a rug-pulling rip-off, which occurs when the folks behind an asset promote their investments shortly.

Say Rune Crypto on the social media platform

“Eric Adams, former mayor of NYC, simply eliminated the liquidity of his new memecoin, $NYC, and defrauded traders of over $2,536,301

He launched a $NYC memecoin simply half-hour in the past and has eliminated its liquidity after selling it on his private social media claiming it was the NYC token.

The memecoin crew say the NYC Token shouldn’t be a carpet pulling program.

“Given the overwhelming assist and demand for the token at launch, our companions needed to rebalance liquidity. We’re conscious of reviews flagging transactions that eliminated liquidity from the pool. The crew began the funds for TWAP and added extra funds to the liquidity pool. We’re in it for the lengthy haul!”

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