CoinDesk Podcast Network Eric Adams Faces Rug Pull Allegations After NYC Token Crash | CoinDesk Daily
Jan 13, 2026
Former NYC Mayor Eric Adams faces allegations of a rug pull after the NYC Token's value plummets due to suspicious withdrawals. A wallet linked to the token's deployer withdrew $2.5 million, leading to a dramatic 60% crash. In an interview, Adams claims the funds will be used to combat anti-Semitism, though critics remain skeptical. Additionally, MicroStrategy has made headlines by purchasing over 13,600 BTC for $1.25 billion, raising their total to more than 687,000 BTC. Intrigue in the crypto world keeps escalating!
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NYC Token Launch And Liquidity Withdrawal
- Eric Adams promoted an NYC token that briefly hit a $580 million market cap before crashing 60%.
- On-chain data shows a deployer-linked wallet withdrew ~$2.5M and returned only ~$1.5M, leaving ~$900K missing.
Confusing Public Messaging On Token Utility
- In a Fox Business interview, Eric Adams repeatedly mischaracterized the project and its utility when pressed.
- He described it as "block change" and pivoted to Walmart logistics while claiming funds fight anti-Semitism with vague details.
Senate Committees Diverge On Crypto Markups
- The Senate Agriculture Committee delayed its crypto market-structure markup to late January to build broader support.
- Chairman John Boozman cited ongoing talks, contrasting with the Senate Banking Committee's scheduled markup.