Eric Adams crypto debacle explained
NEW YORK – Former New York City Mayor Eric Adams unveiled a new cryptocurrency on Monday, only to face swift accusations from crypto investors that the project could be a “rug pull” after a sudden withdrawal of funds sent the coin’s value tumbling.
In cryptocurrency, a rug pull happens when a project’s creators hype a token and then disappear after taking investors’ money, according to Coinbase.
What we know:
Adams announced the launch of the coin, called NYC Token, in Times Square, promoting it as a way to raise money to fight antisemitism and what he described as “anti-Americanism.” In a promotional video, Adams predicted the coin would rapidly gain momentum.
The initial trading activity appeared to back up his…
