Eric Adams’ NYC Token Crashes Hours $580M Launch Hype

Crypto News Exploits

Eric Adams’ NYC Token Crashes Hours After $580 Million Launch Hype

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 13, 2026

Key Takeaways

Eric Adams launched the NYC Token on January 12 to celebrate New York’s spirit and fund social and educational causes;
The token’s value surged to $580 million before crashing to about $130 million within hours of its launch;
Bubblemaps flagged suspicious activity, and users accused Adams of a possible crypto rug pull.

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Eric Adams’ NYC Token Crashes Hours After $580 Million Launch Hype

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Eric Adams, the former mayor of New York City, has introduced a new cryptocurrency called the NYC Token.

Adams shared the news on X on January 12. In a short video, Adams said, “I always say there are two types of Americans, those who live in New York and those who wish they could".

He added, “We’re about to change the game". He also said the token would let people outside the city “experience New York in a new way".

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During an interview with FOX Business, Adams explained that part of the money will go to nonprofit groups working to raise awareness about antisemitism and anti-American sentiment through educational efforts.

However, the launch drew criticism after the NYC Token’s value dropped hours after going live. The cryptocurrency reached a market capitalization of around $580 million before falling to roughly $130 million.

Blockchain analytics firm Bubblemaps flagged “suspicious” on-chain activity linked to the project. According to the platform, a wallet associated with the token’s deployer removed roughly $2.5 million in liquidity when prices peaked.

Many users on X accused Adams of involvement in a crypto rug pull. One of X users said, "Eric Adams has now drained over $3,400,000 from the liquidity pool of his memecoin: it's now a rug-pull".

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