Former Mayor Adams’ crypto venture comes under scrutiny
On Monday, former Mayor Eric Adams promoted a new cryptocurrency coin called NYC Token — appearing on Fox Business, holding a news conference in Times Square and releasing a promotional video in which he tells a taxi driver: “This thing is about to take off like crazy.”
“Take off like crazy” it did. Shortly after its launch late Monday, the value of the NYC Token spiked, reaching a market cap of about $600 million.
Blockchain data show that someone associated with the project then removed about $2.5 million in liquidity. The value of the coin then plunged.
