🗞️ Breaking News | Special Report | Developing Story | Scoop
New York City — 8:58 PM (New York time)
Eric Adams, former mayor of New York City, is facing intense scrutiny after a crypto project he promoted—NYC Token—suffered a dramatic collapse within hours of launch, triggering widespread accusations of corruption and a possible rug pull 🧨💸.
Reports show the token briefly surged to a valuation near $600 million before an account tied to the project abruptly withdrew $2.5 million, causing its value to crash and igniting investor outrage 😱📉.
Critics and analysts said the pattern matched classic crypto liquidity‑pull schemes, though Adams’ spokesperson denied wrongdoing and attributed the chaos to normal “liquidity rebalancing.” [nymag.com], [fox5ny.com]
Compounding the controversy, blockchain analytics indicated that $1.5 million of the withdrawn funds was later returned, fueling further suspicion and confusion among traders 🤔💼.
Observers note that hundreds of investors suffered significant losses, and experts argue the launch had hallmarks of a mishandled or manipulated release, raising serious ethical questions surrounding Adams’ involvement in crypto ventures 🔍📊. [nymag.com], [abcnews.go.com]
The fallout has widened as former advisers, crypto analysts, and community members continue pressing for transparency, with some claiming Adams’ team lacked the experience necessary to manage such a volatile digital‑asset rollout 🔥🧭.
Meanwhile, online discussions and community forums have amplified concerns about political figures promoting speculative tokens without adequate safeguards. [nymag.com], [primetimer.com]
#️⃣ #NYCTokenScandal #CryptoNews #EricAdams #BlockchainWatch 🚨