Todd Shapiro, spokesperson for former New York City Mayor Eric Adams, stated that the politician did not profit from the NYC Token.
Statement from Todd Shapiro, spokesperson for former NYC Mayor Eric Adams: pic.twitter.com/kza4UGvApJ
— Eric Adams (@ericadamsfornyc) January 14, 2026
“To be absolutely clear: Eric Adams did not move investor funds. He also did not profit from the release of NYC Token,” he wrote.
The “New York City Coin” based on Solana was launched on January 13. Within 30 minutes of its launch, its price plummeted by more than 80% — from $0.47 to approximately $0.1.
The market capitalization dropped from $500 million to $40 million at the time of writing.
The community noticed suspicious activity. Analysts at Bubblemaps recorded the transfer of 80 million tokens to an address that provided liquidity on the decentralized exchange Meteora.
Later, the same wallet withdrew $2.5 million in USDC at the peak price, but after the price collapsed by 60%, only $1.5 million was returned to the pool.
An on-chain researcher known as Rune suggested that investors might have lost $3.4 million on the former New York mayor’s coin.
Shapiro attributed the sharp drop in the asset to “market volatility.” However, his statement contradicts earlier reports from the NYC Token team, which confirmed the transfers, citing “liquidity rebalancing” in response to high demand at launch.
Users were not convinced by the explanation from the former New York mayor’s representative.
Bro what are we even doing here? LMAO
“At no point was his involvement intended for personal or financial gain.”
“Like many newly launched digital assets, the NYC Token experienced market volatility.”
Beautiful!!! This is art. 💀💀💀 https://t.co/Msi3XRbOv4 pic.twitter.com/bXtCR1Zb9O
— Autism Capital 🧩 (@AutismCapital) January 14, 2026
Bubblemaps compared the scheme to the launch of LIBRA, which was promoted on social media by Argentina’s President Javier Milei.
The project’s website still lacks clear information about its goals. The description states that the token represents “New York City’s public cryptocurrency,” embodying the city’s “immovable energy.”
In an interview with FOX Business, Adams said that NYC Token is intended to combat “anti-Americanism” and anti-Semitism. According to him, all proceeds will go to non-profit organizations.
The coin is not affiliated with the city administration or other government bodies. It remains unclear who is behind the asset’s launch.
Back in 2021, after being elected mayor, Adams announced that he would receive his first three paychecks in Bitcoin. In May 2025, he promised to turn New York into a global crypto capital.