NYC project team extracts over $1 million through USDC circulation, with market capitalization dropping from $600 million to below $100 million

MarsBitNews · 2026-01-13T02:15:27+00:00

Mars Finance reports that the NYC token launched by former New York City Mayor Eric Adams has exhibited suspicious liquidity provider activity, with the team cycling USDC in and out to withdraw over $1 million. The market cap dropped from $600 million to below $100 million, and the related wallet removed $2.5 million USDC at the peak price, then re-entered with $1.5 million when the price declined by 60%.

MarsBitNews

2026-01-13 02:15:27

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Mars Finance reports that, according to Bubblemaps monitoring, suspicious liquidity provider (LP) activity has been detected in the NYC token launched by former New York City Mayor Eric Adams. The project team has cycled USDC in and out of the liquidity pool, extracting over $1 million. The NYC market cap once reached $600 million but later dropped below $100 million. The wallet associated with the NYC deployer, 9Ty4M (9Ty4…), created a unilateral LP on Meteora. This address removed approximately $2.5 million USDC at the high price point and re-added about $1.5 million USDC after the price dropped 60%.

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