Eric Adams’ ‘NYC Token’ Drained of $3.4M Liquidity Hours After Times Square Launch
The former ‘Bitcoin Mayor’ pitched a charitable token in Times Square, but on-chain data shows $3.4 million in liquidity vanished shortly after.
Former New York City Mayor Eric Adams stood in Times Square on Monday to unveil NYC Token, a cryptocurrency he claimed would combat antisemitism and "anti-Americanism." Hours later, on-chain data indicates the project’s liquidity pool was drained, wiping out approximately $3.4 million in investor funds.
The Setup and The Slide
Adams, wearing a hat emblazoned with "NYC," pitched the Solana-based token as a charitable vehicle intended to fund nonprofits and blockchain education. Investors piled in, pushing the market cap to a reported peak of $600 million. The euphoria was brief.
According to DEXScreener data, the token’s value plummeted over 80% in minutes as liquidity was abruptly removed. Crypto sleuths identified withdrawals totaling roughly $3.4 million from the main liquidity pool shortly after the press conference concluded. The project’s official website, buynyctoken.com, featured broken links to its whitepaper and "buy" buttons during the event, leaving early speculators flying blind.
Institutional Context
This incident marks a chaotic pivot for the self-proclaimed "Bitcoin Mayor," whose political career has been marred by legal battles. In early 2025, the Trump Department of Justice dropped federal corruption charges against Adams with prejudice, citing his cooperation with federal immigration policies. Adams had previously accepted his mayoral paychecks in Bitcoin and Ethereum during the 2022 bear market.
"I’m not taking a salary at this time," Adams told reporters regarding the token, adding that a decision on compensation would be made "down the line."
Market observers viewed the launch, and subsequent liquidity pull, as a cynical capitalization on the current memecoin mania. Following the crash, Adams has not issued a statement clarifying the movement of funds.
