former New York City Mayor Eric Adams stated that he did not profit from the NYC Token meme coin issuance that he promoted. The token's price surged sharply after its launch on Monday but then quickly dropped, prompting crypto market observers to compare it to a "rug pull."

The former New York City mayor, through his spokesperson Todd Shapiro, issued a statement saying that reports of Adams transferring funds from NYC Token are "false."

A "rug pull" is a slang term in the crypto field referring to project creators withdrawing or selling a large amount of tokens without explanation, often causing the value to collapse rapidly after a brief price spike.