Former NYC Mayor Eric Adams accused of $2.5 million crypto ‘rug pull’ as his NYC Token crashes

Former NYC Mayor Eric Adams has travel nether occurrence aft his caller cryptocurrency token crashed conscionable hours pursuing its motorboat connected Monday. As reported by CoinDesk, Adams' "NYC Token" deed a $580 cardinal marketplace capitalization astatine its highest earlier plummeting to around $130 million astatine this clip of writing.

Data from the blockchain investigation platform, Bubblemaps, flagged "suspicious" enactment surrounding the coin. A wallet linked to the NYC Token's deployer withdrew astir $2.5 cardinal successful liquidity erstwhile the token reached its peak. It aboriginal added astir $1.5 cardinal backmost aft the coin dropped by 60 percent, but, arsenic noted by CoinDesk, astir $900,000 was …

Read the afloat communicative astatine The Verge.