Former New York City mayor Eric Adams is facing substantial backlash, being accused of rug pulling his New York City Coin (NYC) crypto project. Adams launched the coin on Monday, Jan. 13, 2026, aiming to use the project to fight antisemitism and anti-Americanism across the United States. However, Adams has reportedly withdrawn his liquidity from the coin, a typical rug pull move. X has added the development on Adams’ X post highlighting the launch of New York City Coin, a project based on the Solana (SOL) network.
How Much Did The Former New York Mayor Pull Out From His Crypto Project?
According to reports, Adams’ reportedly withdrew $2.5 million to $3.4 million from trading pools using addresses tied to New York City Token cryptocurrency. The former New York mayor made his withdrawal soon after hype around the token peaked. Reports say that the cryptocurrency project’s market cap spiked suddenly, and then crashed. Some even reported seeing drops of 60% to 80% within hours. Adams is yet to make a public statement about the entire affair.
According to Bubblemaps, a wallet connected to the New York City Token developer withdrew $2.5 million USDC at the project’s peak, and then added $1.5 million after a 60% drop.
Also Read: Goldman Sachs Sees June Rate Cut: What It Means for Crypto
During his time in office, Adams was hailed as a pro-cryptocurrency mayor. He had publicly stated that he aimed to make New York the crypto capital of the world. Adams went as far as taking his first three salary paychecks in Bitcoin (BTC), leading to many calling him “Crypto Mayor.” The debacle around NYC may leave a permanent stain on Adam’s pro-crypto demeanor. The development has also highlighted how the cryptocurrency realm is full of scams and rug pulls, despite originating from high members of society.