Eric Adams' NYC Token Crashes 80% on Manipulation Claims

Former New York City Mayor Eric Adams launched a cryptocurrency token called NYC Token on Monday in Times Square, promoting it as a tool to combat antisemitism and support blockchain education, only for the asset to surge in value before crashing more than 80 percent amid allegations of liquidity manipulation.

Adams, who left office last month after an unsuccessful reelection bid, announced the Solana-based memecoin during a press conference and appearances on social media and Fox Business. He described the project as a community-driven initiative to channel proceeds into nonprofit efforts, including anti-hate programs, youth scholarships, and instruction on emerging financial technologies. "We know cities can run better, and by using this New York City Token, we're going to continue to invest in making our city a safer city," Adams said. The token has no official ties to New York City government, and its website outlines a total supply of one billion tokens, with 70 percent initially reserved and not in circulation.

The token debuted with strong initial interest, reaching a market valuation of several hundred million dollars within minutes, according to data from platforms like...