Ex NYC Mayor Eric Adams Swears “No Rugpull” After His Meme Coin Mysteriously Loses $500M Overnight

It seems as if Eric Adams got consulting advice from the “Hawk Tuah” girl on how NOT to launch a meme-coin.

Isn’t it hilarious literally a day after I make a joke about how we haven’t had a crypto scandal in a hot minute… Eric Adams decides to enter the building riding in like Alladin on his favorite rug (you’ll get the reference in just a minute).

If you’re not familiar, on Monday, the former Mayor launched a New York City-themed coin that was pitched as a way to fight antisemitism, anti-Americanism, and (presumably) the boredom of post-politics life.

The hype video was filmed in Times Square (of course), in which he promised this thing was “about to take off like crazy.” Narrator voice: It did.

For a hot minute, NYC Token blasted off to a nearly $600 million market cap, which in crypto terms means everyone was either euphoric, confused, or already drafting apology tweets. Then came the plot twist: an account tied to the launch quietly pulled $2.5 million in early proceeds, spooking traders and sending the token into free fall.

(Source: Fortune)

By yesterday, some of the money had reappeared. About $1 million, however, was still playing hide-and-seek on the blockchain. Cue the dreaded phrase every crypto bagholder loves to hear: “rug pull.”

To no ones surprise, project insiders insisted this was all just a misunderstanding… a routine “liquidity rebalance.” Totally normal. Happens all the time. Just ignore the part where the token burned down from $600M to under $100M in a few hours.

To calm the crowd, Adams reportedly brought in Brock Pierce, a veteran crypto investor, to help triage the situation (read: paid internal investigator). Pierce then proceeded to call the launch sloppy, that the team lacked experience, and the rollout “went sideways.” Still, he maintains no one actually ran off with the cash. That reassurance landed… unevenly.

Blockchain analysts pointed out the coin went live before clear buying instructions were posted, a classic open-invite for insiders to front-run the public. Analysts also flagged unusual wallet activity that looked, at best, aggressively optimistic and, at worst, pre-planned.

Translation: if you invested in this coin, jokes on you, you got rugged…

If this all feels familiar, that’s because it is. When politicians and celebrities start slapping their names on tokens, gravity tends to win… like 100% of the time. Donald Trump’s $TRUMP coin spiked, dumped, and still managed to generate $100M in fees for insiders. Argentina’s president launched $LIBRA, which vaporized $250M and triggered a national headache. And what do you know, NYC Token now appears eager to join that proud tradition (respect).

(Source: MeidasTouch)

Adams says he doesn’t plan to get paid (for now), but details about who actually runs the project, how funds are handled, and how a memecoin fights antisemitism remain… confusing. Even the project’s own website includes the most honest disclaimer in crypto: you could lose everything.

No one has proven this was a rug pull. But in crypto, you don’t need fraud to wreck credibility… chaos will do just fine.

Within 72 hours, the coin’s fate may be clear. Adams’ reputation in crypto, however, is going to need a much longer lockup period.

Side note: if your token needs multiple emergency statements insisting nobody stole anything… it might already be over.

At the time of publishing this article, Stocks.News holds positions in Bitcoin and Ethereum as mentioned in the article.