Eric Adams Says He Did Not Profit From Launch of NYC Memecoin

Eric Adams said he did not profit from the launch of the NYC Token memcoin he is promoting, which initially soared in value before crashing following its debut on Monday, prompting crypto market observers to draw parallels to a “rug pull.”

The former mayor of New York City said in a statement through his spokesperson Todd Shapiro that reports about Adams moving money out of the NYC Token were “false.” Rug pull is crypto slang for when project creators appear to withdraw or sell a significant number of tokens without explanation, often causing the value to collapse after a surge ...