Former New York City mayor Eric Adams is facing substantial backlash, being accused of rug pulling his New York Metropolis Coin (NYC) crypto challenge. Adams launched the coin on Monday, Jan. 13, 2026, aiming to make use of the challenge to battle antisemitism and anti-Americanism throughout the USA. Nonetheless, Adams has reportedly withdrawn his liquidity from the coin, a typical rug pull transfer. X has added the event on Adams’ X post highlighting the launch of New York Metropolis Coin, a challenge based mostly on the Solana (SOL) community.
How A lot Did The Former New York Mayor Pull Out From His Crypto Mission?
Based on reviews, Adams’ reportedly withdrew $2.5 million to $3.4 million from buying and selling swimming pools utilizing addresses tied to New York Metropolis Token cryptocurrency. The previous New York mayor made his withdrawal quickly after hype across the token peaked. Studies say that the cryptocurrency challenge’s market cap spiked immediately, after which crashed. Some even reported seeing drops of 60% to 80% inside hours. Adams is but to make a public assertion about the whole affair.
Based on Bubblemaps, a pockets linked to the New York Metropolis Token developer withdrew $2.5 million USDC on the challenge’s peak, after which added $1.5 million after a 60% drop.
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Throughout his time in workplace, Adams was hailed as a pro-cryptocurrency mayor. He had publicly said that he aimed to make New York the crypto capital of the world. Adams went so far as taking his first three wage paychecks in Bitcoin (BTC), resulting in many calling him “Crypto Mayor.” The debacle round NYC might depart a everlasting stain on Adam’s pro-crypto demeanor. The event has additionally highlighted how the cryptocurrency realm is filled with scams and rug pulls, regardless of originating from excessive members of society.
