Former New York City Mayor Eric Adams is facing scrutiny from the crypto community after social media posts alleged that he removed liquidity from a newly launched memecoin, $NYC, minutes after promoting it. According to posts by on-chain analyst Rune, Adams is said to have launched the token, promoted it on his personal social media as the “NYC token,” and then withdrew over $2.53M of liquidity roughly 30 minutes later, raising concerns of a potential rug pull that cost investors over $3,430,000 in total.
The allegations arrive after a series of public actions and statements in which Adams positioned the cryptocurrency and blockchain as tools for public policy. He previously said that technology, including cryptocurrency, could support efforts against antisemitism and violence and help fund education and community initiatives.
Adams also oversaw the creation of what was described as the nation’s first city-level Office of Digital Assets and Blockchain, led by Moises Rendon, to coordinate with industry, attract talent, and advance policies around digital assets.
(adsbygoogle = window.adsbygoogle || []).push({});At the Bitcoin 2025 conference, Adams proposed a “Bit Bond” aimed at Bitcoin holders, called for removing the city’s Bitcoin licensing requirements, and suggested using blockchain for birth certificates, fines, and tax payments, stating, “Just as our flag still flies, Bitcoin will fly in America.”
(adsbygoogle = window.adsbygoogle || []).push({});Questions around Adams’ personal crypto holdings had already surfaced before the $NYC incident. In July 2023, he stated that he would amend a financial disclosure form after it omitted his Bitcoin and Ethereum positions, despite a question on financial assets of $1,000 or more. A spokesperson, Fabien Levy, stated that Adams misunderstood the question and believed it applied only to traditional securities.
Earlier, Adams announced he would receive his first three mayoral paychecks in Bitcoin. However, as New York City must pay wages in government currency, the paychecks were instead converted into Bitcoin and Ethereum through Coinbase on Fridays.
Related: NYC Mayor Eric Adams Says Crypto Can Help Fight Antisemitism and Violence
