Crypto coin peddled by Eric Adams denies allegations of ‘rug-pull’ scam | Cryptocurrencies
The cryptocurrency launched by New York City’s former mayor Eric Adams is already in hot water, and now the company behind it is being forced to defend itself from accusations that it scammed people.
Investors and cryptocurrency watchers say the asset, dubbed NYC Token, surged to about $580m shortly after it hit the market on Monday and then rapidly plummeted in value. Observers speculated that someone behind the scene may have carried out what’s known in the crypto world as a “rug pull” – when the creators of the asset quickly sell their investments.
The company behind the coin has denied any wrongdoing.
In a statement posted on X, NYC Token said it was aware of the allegations but rejected claims of a rug pull. “Given the…
