Todd Shapiro, spokesperson for former New York City Mayor Eric Adams, stated that the politician did not profit from the NYC Token.
Statement from Todd Shapiro, spokesperson for former NYC Mayor Eric Adams: pic.twitter.com/kza4UGvApJ
— Eric Adams (@ericadamsfornyc) January 14, 2026
“To be absolutely clear: Eric Adams did not move investor funds. He also did not profit from the release of the NYC Token,” he wrote.
The "New York City Coin," based on Solana, launched on January 13. Within 30 minutes of its launch, its price plummeted over 80% — from $0.47 to around $0.10.
Market capitalization dropped from $500 million to $40 million at the time of writing.
Hourly chart of NYC/USDC on the Meteora exchange. Source: DEX Screener.
The community noticed suspicious activity. Analysts from Bubblemaps recorded a transfer of 80 million tokens to an address that provided liquidity on the decentralized exchange Meteora.
Later, the same wallet withdrew $2.5 million in USDC at the peak price, but after the price dropped by 60%, it returned only $1.5 million to the pool.
An on-chain researcher known as Rune suggested that investors may have lost $3.4 million on the former New York mayor's coin.
Shapiro attributed the asset's sharp decline to "market volatility." However, this statement contradicts earlier reports from the NYC Token team, which confirmed the transfers, citing "liquidity rebalancing" in response to high demand at launch.
Users were not convinced by the former mayor's spokesperson's justification.
Bro what are we even doing here? LMAO
— Autism Capital 🧩 (@AutismCapital) January 14, 2026
“At no point was his involvement intended for personal or financial gain.”
“Like many newly launched digital assets, the NYC Token experienced market volatility.”
Beautiful!!! This is art. 💀💀💀 https://t.co/Msi3XRbOv4 pic.twitter.com/bXtCR1Zb9O
Bubblemaps compared the scheme to the launch of LIBRA, which was promoted on social media by Argentine President Javier Milei.
The project's website still lacks clear information about its objectives. It describes the token as a "public cryptocurrency of New York," embodying the city's "real estate energy."
In an interview with FOX Business, Adams stated that the NYC Token aims to combat "anti-Americanism" and anti-Semitism. He claimed that all proceeds would go to nonprofit organizations.
The coin is not affiliated with the city administration or any government entities. It remains unclear who is behind the launch of the asset.
Recall that after being elected mayor in 2021, Adams announced he would receive his first three salaries in Bitcoin. In May 2025, he promised to turn New York into a global crypto capital.