Former New York City Mayor Eric Adams has denied claims that he moved funds or personally profited from the NYC Token.
In a post on X published on January 14, Adams pushed back against the allegations, which surfaced following an 80% drop in the token’s value.
The sharp decline triggered significant losses for investors who held the cryptocurrency during the sell-off.
Eric Adams Denies Profiting From NYC Token After 80% Crash
On January 14, a spokesperson for Eric Adams denied allegations that he withdrew funds or profited from the NYC Token.
The token launched on January 12 and fell by as much as 80% within its first hour of trading.
Many analysts and market watchers suspected that this poor performance was connected to the former NYC mayor.
They described the 80% drop as a rug pull and accused Adams of orchestrating it. Some crypto analysts claim liquidity was removed, with on-chain estimates suggesting investor losses exceeded $3.4 million.
In response to the accusati
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