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Former 'Bitcoin Mayor' Eric Adams Faces Scrutiny Over NYC Token Liquidity Issues
Source: CryptoNewsNet Original Title: Former ‘bitcoin mayor’ Eric Adams faces $3 million rugpull allegation after issuing NYC Token Original Link: Former New York City Mayor Eric Adams is facing scrutiny from crypto traders after a memecoin he promoted appeared to suffer a sharp liquidity withdrawal shortly after launch.
During his time as mayor, Adams was a frequent promoter of cryptocurrency, consistently reiterating his desire to make New York the crypto capital of the world, taking his first three paychecks in bitcoin via a certain compliance platform, leading to crypto advocates calling Adams the “Bitcoin mayor” for his support of the space.
Adams unveiled the “NYC Token” at a Times Square press event on Monday, pitching it as a crypto project tied to civic causes. The token zoomed to a $580 million market capitalization shortly after going live, indicating massive demand from retail traders and market watchers.