Out of office just two weeks, former Mayor Eric Adams is making headlines again — this time, responding with outrage to reports alleging that he moved money out of NYC Token, a cryptocurrency he launched this week.
Adams, a known crypto enthusiast, launched the currency on Monday, purportedly to support funding social causes such as the fight against antisemitism. According to reports, it immediately surged to around $580 million before dropping in value.
According to an article in The Guardian, observers speculated that someone may have carried out a “rug pull,” when creators of the asset quickly sell their investments.
Todd Shapiro, a spokesperson for Adams, called the allegations false and are “unsupported” by evidence.
“To be absolutely clear, Eric Adams did not move investor funds,” he said in a statement. “Eric Adams did not profit from the launch of the NYC Token. No funds were removed from the NYC Token.”
Shapiro said the token experienced market volatility, as newly launched digital assets can go through.
“New York City remains a global financial capital, with billions of dollars in cryptocurrency traded daily, underscoring the sector’s importance to the city’s economy,” Shapiro said. “The NYC Token is designed as a free, voluntary way to support educational and nonprofit efforts. Claims suggesting otherwise are inaccurate.”
The mission-driven crypto initiative aims to promote education and blockchain literacy, combat antisemitism and anti-Americanism, and support nonprofit and civic engagement, Shapiro explained.
“Mr. Adams remains committed to responsible innovation and to using emerging technologies to strengthen trust, education, and shared civic values,” he said.
According to its website, “$NYC represents the unstoppable energy of the Big Apple. Built for dreamers, innovators and believers who understand that in New York, anything is possible. This is more than a token–it’s a movement.”
