Former Mayor Eric Adams’ $NYC Memecoin Hit by $3.4M Rug Pull Allegations

Former New York City Mayor Eric Adams is facing allegations linked to a $3.4 million rug pull involving a memecoin branded as $NYC. The token collapsed shortly after launch, after blockchain data showed a rapid removal of liquidity.

On-chain records show the token’s market cap briefly reached about $580 million before falling by more than 80% within minutes. The sharp decline followed a sudden liquidity withdrawal that disrupted early market activity.

Eric Adams has now drained over $3,400,000 from the liquidity pool of his memecoin: it’s now a rug-pull

funny enough, his networth was only $2,000,000 pic.twitter.com/bcNMDbnmrE

— Rune (@RuneCrypto_) January 12, 2026

Liquidity Pulled from $NYC Token

Crypto commentator Rune reported that Adams promoted the $NYC memecoin through his personal social media accounts. Adams presented the token as an ‘NYC token,’ drawing significant early attention.

Less than 30 minutes after trading began, liquidity tied to the token was removed, triggering a sharp price drop. The sudden move disrupted early market activity and prompted questions about the token’s launch structure.

Blockchain data reviewed by Rune showed that over $2.53 million was withdrawn shortly after launch, with later reports placing the total at more than $3.4 million.

These developments led observers to label the incident a rug pull, a practice involving sudden liquidity removal. The claims spread quickly across crypto-focused platforms and discussion channels.

Experts Warn on Celebrity-Linked Tokens

Public debate intensified after reports referenced Adams’ publicly known net worth, estimated at around $2 million before the incident. Critics highlighted the gap between that figure and the amount reportedly withdrawn from the $NYC token.

Hayden Adams, founder of decentralized exchange Uniswap, publicly criticized the situation in response to Rune’s posts. He described it as irresponsible and misleading, cautioning that public figures should avoid actions that harm users.

He added that celebrities and politicians could explore token launches responsibly by keeping liquidity intact and being transparent about limitations. Hayden Adams also noted that blockchains already provide tools for real coordination and value distribution when applied properly.

Separately, Binance co-founder Changpeng Zhao commented on memecoin speculation without mentioning $NYC directly. He warned that tokens inspired by social media hype often expose participants to significant losses, reflecting broader risks in celebrity-driven crypto projects.

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