The NYC project team withdrew over $1 million through circulating USDC, reducing its market value from $600 million to below $100 million.
according to Bubblemaps monitoring, suspicious liquidity provider (LP) activity has appeared in the NYC token launched by former New York City Mayor Eric Adams. The project team extracted over 1 million US dollars by cycling USDC in and out of the liquidity pool. The market value of NYC once reached 600 million US dollars, then dropped to below 100 million US dollars.
The wallet 9Ty4M (9Ty4...) associated with the NYC deployer created a one-sided LP on Meteora, removing about 2.5 million USDC at the price peak, and re-adding about 1.5 million USDC after the price dropped by 60%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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