Former Trump puppet and New York City Mayor Eric Adams Just can’t help himself. Less than two weeks from his mayor position, he is accused of a rug pull. On Monday, Adams launched his new cryptocurrency, “NYC Token”, and lost $445 million in a day. It launched with a $580 million market capitalization and dropped to $130 million later that day.
As of this current writing, it is sitting just above $135 million. That isn’t the suspicious part of it. I know, right?
“Data from the blockchain analysis platform, Bubblemaps, flagged “suspicious” activity surrounding the coin,” The Verge reported. “A wallet linked to the NYC Token’s deployer withdrew around $2.5 million in liquidity when the token reached its peak. It later added around $1.5 million back after the coin dropped by 60 percent, but, as noted by CoinDesk, around $900,000 wasn’t returned.”
This caused a lot of users on Twitter to start claiming it was a rug pull.
Eric Adams Crypto Scheme Isn’t New
It seems that you can’t trust anyone with crypto. Especially since Trump is trying to make it a thing in the US. No, not every crypto token is bad, but the gimmicks prey on their fans. Hawk Tuah Girl is accused of, while claiming ignorance on how it was handled.
Logan Paul has rug pulled his fan base consistently, but people still buy into it.
Much of their pitch preys on people who don’t completely understand how it works. You can get a general idea, but the backend users are the winners. People need to stop falling for these vibe people. Hell, even billionaires have done it too. Yet, no one is held accountable for it.
When you have a Congress that don’t know how to turn their phones to dark mode, we’re cooked. We need people to start treating it like any other fraud scheme.