New York, New York –Former New York City mayor Eric Adams is under fire after the value of a meme cryptocurrency he launched collapsed, leading to scam accusations.
According to the Guardian, the coin, known as NYC Token, surged to around $580 million after it hit the market on Monday, then rapidly dropped to under $100 million within hours.
Observers also discovered that Adams had removed his initial investment 30 minutes after the launch.
The chain of events sparked allegations of what the crypto community calls a “rug pull” – which is when creators of a coin quickly sell their shares after the launch, in an effort to capitalize on its initial popularity…