The former mayor of New York City has been accused of rugging a pull on his cryptocurrency project, and his team reportedly withdrew liquidity at a high price.

former New York Mayor Eric Adams has been widely questioned due to the sharp decline of his newly launched cryptocurrency NYC Token within hours of its launch. Data shows that the market value of NYC Token once surged to about 580 million USD, then quickly dropped to about 130 million USD.

Blockchain analysis platform Bubblemaps pointed out suspicious behavior regarding the token: wallets associated with the project deployer withdrew about 2.5 million USD liquidity at the price peak. After the token price dropped about 60%, the address re-injected about 1.5 million USD, but about 900,000 USD was still not returned.

A large number of users on social platform X accused Adams of a rug pull, meaning withdrawing funds for profit after promoting the project.

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