{"id":93168,"date":"2026-01-15T13:00:31","date_gmt":"2026-01-15T10:00:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=93168"},"modified":"2026-01-15T13:05:28","modified_gmt":"2026-01-15T10:05:28","slug":"former-new-york-mayor-denies-rug-pull-allegations-after-nyc-token-collapse","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/former-new-york-mayor-denies-rug-pull-allegations-after-nyc-token-collapse\/","title":{"rendered":"Former New York Mayor Denies Rug Pull Allegations After NYC Token Collapse"},"content":{"rendered":"<p>Todd Shapiro, spokesperson for former New York City Mayor Eric Adams, stated that the politician did not profit from the NYC Token.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Statement from Todd Shapiro, spokesperson for former NYC Mayor Eric Adams: <a href=\"https:\/\/t.co\/kza4UGvApJ\">pic.twitter.com\/kza4UGvApJ<\/a><\/p>\n<p>\u2014 Eric Adams (@ericadamsfornyc) <a href=\"https:\/\/twitter.com\/ericadamsfornyc\/status\/2011541285354815932?ref_src=twsrc%5Etfw\">January 14, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cTo be absolutely clear: Eric Adams did not move investor funds. He also did not profit from the release of NYC Token,\u201d he wrote.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>The &#8220;New York City Coin&#8221; based on <a href=\"https:\/\/forklog.com\/en\/news\/what-is-solana-sol\">Solana<\/a> was launched on January 13. Within 30 minutes of its launch, its price plummeted by more than 80% \u2014 from $0.47 to approximately $0.1.\u00a0<\/p>\n<p>The market capitalization dropped from $500 million to $40 million at the time of writing.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"465\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-30d38db26c07b2e4-3687467926938144-1024x465.png\" alt=\"image\" class=\"wp-image-273377\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-30d38db26c07b2e4-3687467926938144-1024x465.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-30d38db26c07b2e4-3687467926938144-300x136.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-30d38db26c07b2e4-3687467926938144-768x349.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-30d38db26c07b2e4-3687467926938144-1536x698.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-30d38db26c07b2e4-3687467926938144.png 1778w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart NYC\/USDC on Meteora exchange. Source: <a href=\"https:\/\/dexscreener.com\/solana\/61ydcb8gggafm3wctdyyrthtyvfipaptity1mdmcsgum\">DEX Screener<\/a>.\u00a0<\/figcaption><\/figure>\n<p>The community noticed suspicious activity. Analysts at Bubblemaps recorded the transfer of 80 million tokens to an address that provided liquidity on the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-decentralised-exchange-dex\">decentralized exchange<\/a> Meteora.<\/p>\n<p>Later, the same wallet withdrew $2.5 million in <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> at the peak price, but after the price collapsed by 60%, only $1.5 million was returned to the pool.<\/p>\n<p>An on-chain researcher known as Rune suggested that investors might have lost $3.4 million on the former New York mayor&#8217;s coin.\u00a0<\/p>\n<p>Shapiro attributed the sharp drop in the asset to &#8220;market volatility.&#8221; However, his statement contradicts earlier reports from the NYC Token team, which confirmed the transfers, citing &#8220;liquidity rebalancing&#8221; in response to high demand at launch.\u00a0<\/p>\n<p>Users were not convinced by the explanation from the former New York mayor&#8217;s representative.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bro what are we even doing here? LMAO<\/p>\n<p>\u201cAt no point was his involvement intended for personal or financial gain.\u201d<\/p>\n<p>\u201cLike many newly launched digital assets, the NYC Token experienced market volatility.\u201d<\/p>\n<p>Beautiful!!! This is art. \ud83d\udc80\ud83d\udc80\ud83d\udc80 <a href=\"https:\/\/t.co\/Msi3XRbOv4\">https:\/\/t.co\/Msi3XRbOv4<\/a> <a href=\"https:\/\/t.co\/bXtCR1Zb9O\">pic.twitter.com\/bXtCR1Zb9O<\/a><\/p>\n<p>\u2014 Autism Capital \ud83e\udde9 (@AutismCapital) <a href=\"https:\/\/twitter.com\/AutismCapital\/status\/2011552293095870541?ref_src=twsrc%5Etfw\">January 14, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bubblemaps compared the scheme to the <a href=\"https:\/\/forklog.com\/en\/news\/libra-token-promoted-by-argentinas-president-plunges-94\">launch of LIBRA<\/a>, which was promoted on social media by Argentina&#8217;s President Javier Milei.\u00a0<\/p>\n<p>The project&#8217;s website still lacks clear information about its goals. The description states that the token represents &#8220;New York City&#8217;s public cryptocurrency,&#8221; embodying the city&#8217;s &#8220;immovable energy.&#8221;<\/p>\n<p>In an interview with FOX Business, Adams said that NYC Token is intended to combat &#8220;anti-Americanism&#8221; and anti-Semitism. According to him, all proceeds will go to non-profit organizations.<\/p>\n<p>The coin is not affiliated with the city administration or other government bodies. It remains unclear who is behind the asset&#8217;s launch.\u00a0<\/p>\n<p>Back in 2021, after being elected mayor, Adams <a href=\"https:\/\/forklog.com\/en\/news\/new-yorks-incoming-mayor-will-take-three-paychecks-in-bitcoin\">announced<\/a> that he would receive his first three paychecks in Bitcoin. In May 2025, he <a href=\"https:\/\/forklog.com\/en\/news\/new-york-mayor-reaffirms-ambition-to-make-city-global-crypto-capital\">promised<\/a> to turn New York into a global crypto capital.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Todd Shapiro, spokesperson for former New York City Mayor Eric Adams, stated that the politician did not profit from the NYC Token.<\/p>\n","protected":false},"author":1,"featured_media":93169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Todd Shapiro stated Eric Adams did not profit from the NYC Token.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1246,26],"class_list":["post-93168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-scammers","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"130","promo_type":"1","layout_type":"1","short_excerpt":"Todd Shapiro stated Eric Adams did not profit from the NYC Token.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=93168"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93168\/revisions"}],"predecessor-version":[{"id":93170,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93168\/revisions\/93170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/93169"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=93168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=93168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=93168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}