NYC Token Controversy Looms Over City Politics

[nihalsari]

Adams’ NYC Token, billed as a memecoin to support education and social causes, quickly drew scrutiny after allegations of a potential rug pull surfaced. While details remain unverified, onchain analysts criticized liquidity movements that appeared to trap traders and force sales at losses.

Nansen analyst Nicolai Sondergaard said the behavior fits the broad definition of a rug pull, noting that adding liquidity back later does not undo the harm caused. Mamdani made his comments before full details were known, but his refusal to engage with the token underscored a cautious stance.

[cryptobro]

“for education and social causes” is doing a lot of heavy lifting here