The NYC project team extracted over $1 million by repeatedly withdrawing USDC, causing its market cap to drop from $600 million to below $100 million.

According to Odaily, Bubblemaps monitoring has detected suspicious liquidity provider (LP) activity involving the NYC token launched by former New York City Mayor Eric Adams. The project team extracted over $1 million by repeatedly depositing and withdrawing USDC in the liquidity pool. The market capitalization of NYC once reached $600 million, but later dropped below $100 million. The wallet 9Ty4M (9Ty4...), associated with the NYC deployer, created a single-sided LP on Meteora. This address removed approximately $2.5 million USDC at the price peak and re-added about $1.5 million USDC after the price dropped by 60%.