Former Mayor Eric Adams Accused of Appropriating 'NYC Token' Idea, Startup Alleges

Dispute Over NYC Token Concept Emerges

An entrepreneur originally from the Bronx is preparing legal action against the team behind Eric Adams’ NYC Token, alleging that the former New York mayor appropriated his idea.

Edward Cullen, CEO and co-founder of the digital asset company Crescite, expressed to Decrypt on Tuesday, “We are completely certain that our concept was taken. It was a real surprise to see Adams launch a token using the identical name and a very similar premise.”

NYC Token Launch and Controversy

On Monday, Adams, who recently left office, made an appearance in Times Square to introduce NYC Token, a cryptocurrency initiative. He claimed the project would raise funds to combat “antisemitism and anti-Americanism” and provide educational opportunities for underserved communities in New York City.

Eric Adams' NYC Token Crashes Amid Liquidity Extraction Allegations

Initially, the Solana-based token soared to a market capitalization of $600 million. However, its value quickly collapsed to around $41 million. This rapid decline sparked accusations of wrongdoing, as someone with access to a wallet linked to the token reportedly withdrew nearly $1 million by removing liquidity from a Solana decentralized exchange.

Official Response and Ongoing Questions

In a statement to Decrypt, a spokesperson for Adams explained that the market maker for NYC Token had “moved liquidity” to facilitate smoother trading. They also emphasized that “the team has not sold any tokens and is bound by lockups and transfer restrictions.”

In a follow-up, the spokesperson reiterated, “THE TEAM HAS NOT WITHDRAWN ANY MONEY FROM THE ACCOUNT,” but did not address questions regarding Cullen’s allegations.

Background and Ownership Details

At the end of last year, Adams traveled to Albania, Israel, and Uzbekistan as his term was ending. As scrutiny of the token increased, observers noticed that the official NYC Token X account listed its location as Europe, raising further questions.

A portion of the NYC Token supply is allocated to its creators and “C18 Digital,” the company that manages the website. According to Delaware’s corporate records, “C18 Digital, LLC” was established on December 30.

Cullen’s Claims and Crescite’s Involvement

Now residing in Tennessee, Cullen stated that he pitched the NYC Token idea to Adams in June, along with proposals to several political action committees. He also mentioned that Crescite owns the “nyctoken.com” domain and has initiated trademark proceedings for the name.

Cullen said Adams’ team showed only mild interest in the proposal, neither fully rejecting nor embracing it. He expressed greater frustration with how Adams executed the project than with the alleged appropriation of the idea itself.

Original Pitch and Project Vision

“We introduced the concept as a way to use digital assets to benefit city residents and reduce costs,” Cullen explained. “Their response was somewhat dismissive, but not entirely.”

Former 'Bitcoin Mayor' Eric Adams Reveals NYC Token to Fight 'Antisemitism and Anti-Americanism'

A pitch deck shared with Decrypt showed “NYC Token” with a different logo and color palette compared to the version Adams promoted. Another slide outlined plans for the token to generate dedicated revenue streams for each of New York’s five boroughs.

Crescite’s Strategy and Political Activity

Cullen described Crescite’s intention to launch NYC Token through a private sale, with half of the proceeds invested in yield-generating assets. The remaining funds would be used for venture investments, with token holders having input on how allocations are made.

Innovate NY, a political action committee led by Cullen, spent $81,400 supporting former New York governor Andrew Cuomo’s independent mayoral campaign against Zohran Mamdani, and $15,000 opposing the current mayor. In October, Innovate NY endorsed Cuomo for mayor, stating that backing NYC Token was central to its policy platform. The organization also announced that “NYC Token” had been trademarked in a press release.

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Cullen’s Political and Business Background

Cullen ran for mayor against Adams in 2021 but did not appear on the Democratic primary ballot, which Adams ultimately won. According to Ballotpedia, Cullen’s campaign focused on the idea of inclusive capitalism.

In October, infrastructure company BitGo announced a partnership with Crescite to explore “faith-based digital asset initiatives,” including the possibility of developing a stablecoin to support church funding.

Last year, Cullen was honored with a knighthood by the Catholic Church in a ceremony led by Cardinal Timothy Dolan. The name Crescite is derived from Latin and appears in the Book of Genesis.