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    Ex-NYC Mayor Eric Adams Launches Controversial Token
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    Ex-NYC Mayor Eric Adams Launches Controversial Token

    By Updated:No Comments4 Mins Read


    Eric Adams has made his first main public transfer since leaving the New York Metropolis Mayor’s Workplace, launching a New York Metropolis–themed crypto token aimed toward addressing antisemitism and “anti-Americanism.”

    In a put up to X on Monday, Adams introduced the launch of the NYC Token, with a hyperlink to an internet site that claims it additionally goals to encourage the following wave of innovation in NYC.

    “I at all times say there are two forms of Individuals, those that stay in New York and people who want they might,” Adams stated in a video, including that “We’re about to alter the sport.”

    “If you cannot make it to New York, we will carry New York to you,” Adams stated, suggesting that the NYC-themed token was poised to “take off like loopy.”

    In an interview with FOX Enterprise, Adams defined that proceeds from the NYC Token would offer funding to non-profits to lift consciousness about antisemitism and anti-Americanism by means of teaching programs. It’s going to even be used to fund training about blockchain and crypto and assist scholarships for NYC college students in underserved communities.

    “[There’s a] wave of anti-Americanism that’s sweeping not solely on Ivy League school campuses however within the cities, so the objective is how can we use blockchain expertise with this token, and a considerable sum of money raised from this token goes to struggle these initiatives.”

    NYC Token plunges quickly after launch

    Adam’s new memecoin, nonetheless, noticed a rocky launch.

    DEXScreener knowledge reveals that the Solana-based token fell from $0.47 to the $0.10 roughly half-hour after launching, with the market cap falling from close to $500 million to lower than $110 million on the time of writing.

    There are additionally unverified accusations that the staff behind the token has deliberately eliminated liquidity, with crypto analyst Rune citing blockchain knowledge suggesting buyers have been scammed out of greater than $3.4 million.

    Cointelegraph reached out to Adams for remark however didn’t obtain a right away response.

    Questions stay over what’s subsequent for the NYC token

    The NYC Token web site gives little info on the mission’s course. The web site’s “Purchase NYC Token” and “Learn Whitepaper” buttons additionally at the moment don’t work.

    Nevertheless, info on its tokenomics states that 40% of the NYC tokens are allotted to neighborhood rewards, 25% to liquidity, 15% to growth, and the remaining 20% break up between advertising and marketing and the staff.