The NYC project team withdrew over $1 million through circulating USDC, reducing its market value from $600 million to below $100 million.

according to Bubblemaps monitoring, suspicious liquidity provider (LP) activity has appeared in the NYC token launched by former New York City Mayor Eric Adams. The project team extracted over 1 million US dollars by cycling USDC in and out of the liquidity pool. The market value of NYC once reached 600 million US dollars, then dropped to below 100 million US dollars.

The wallet 9Ty4M (9Ty4...) associated with the NYC deployer created a one-sided LP on Meteora, removing about 2.5 million USDC at the price peak, and re-adding about 1.5 million USDC after the price dropped by 60%.

Comments

All Comments

Recommended for you

cointelegraph ·

Bank of America CEO warns interest-bearing stablecoins could pull $6T from US banks

In an earnings call transcript shared on X, BofA CEO Brian Moynihan pointed to studies suggesting yield-bearing stablecoins could draw trillions from the banking system.
The U.S. spot Bitcoin ETF saw a net inflow of $104.08 million yesterday.

according to Trader T's monitoring, the US spot Bitcoin ETF had a net inflow of 104.08 million USD yesterday.
The U.S. spot Ethereum ETF saw a net inflow of $164.32 million yesterday.

according to Trader T monitoring, the US spot Ethereum ETF had a net inflow of 164.32 million USD yesterday.
cointelegraph ·

Nexo to pay $500K fine to California regulator over ‘risky loans’

California’s finance watchdog claims Nexo made nearly 5,500 loans to Californians without a valid license and did not properly assess their ability to repay.
Krisztian Sandor ·

Tokenization firms reject Coinbase's crypto bill equities claims

While Coinbase said that the crypto market structure bill would essentially ban tokenized securities, companies in that sector say that's not the case.
Coindesk ·

Former NYC Mayor Eric Adams disputes memecoin rug pull allegations, claims he made no profit

Former New York City Mayor Eric Adams denied allegations that his newly launched NYC Token was involved in suspicious liquidity withdrawals that cost investors millions.
The Block ·

Coinbase pulled support for Senate crypto legislation — here's what happened

The decision to pull support for the market structure bill was not made lightly, a source familiar told The Block on Wednesday night.
The Block ·

Russia finalizes bill to open up crypto market to non-qualified traders: report

Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee, said a draft bill is ready to clear the way for non-qualified investors to trade crypto.
Jack Neureuter ·

Visa crypto chief bets on stablecoin settlement, sees volumes growing
Omkar Godbole ·

Long term bitcoin holders slow profit-taking as prices tap key sell zone

Bitcoin has returned to a price range where repeated profit-taking by long-term holders capped rallies last year, though those wallets are now selling more slowly than in 2025.