A wallet linked to former New York City Mayor Eric Adams reportedly profited $1 million through manipulation of the liquidity pool for the meme coin NYC Token, according to analysts at Bubblemaps.

Suspicious LP activity on $NYC šŸšØ

Launched by Eric Adams, former mayor of New York

The team extracted over $1M by cycling USDC in and out of the liquidity pools https://t.co/rJjXGgarUC pic.twitter.com/6XlJNaELe7

ā€” Bubblemaps (@bubblemaps) January 13, 2026

The politician introduced the Solana-based token on January 12 during a conference in Times Square.

Proud to launch @buynyctoken, a new token built to fight the rapid spread of antisemitism and anti-Americanism across this country and now in New York City.

Now live at https://t.co/zowY9Ri3aK pic.twitter.com/qBMzV88Tmj

ā€” Eric Adams (@ericadamsfornyc) January 12, 2026

In an interview with FOX Business, Adams explained that the coin's purpose is to combat "anti-Americanism" and antisemitism, promising that all proceeds would go to a nonprofit organization.

"If Walmart uses blockchain to track the food supply chain and ensure transparency, then cities can operate more efficiently. With this New York token, we will continue to invest in making our city safer," the former mayor was quoted by the New York Post.

However, the NYC Token website offers little information about the project's direction.

According to the tokenomics, 40% of the total supply of 1 billion NYC tokens is allocated for community rewards, 25% for liquidity, 15% for development, and the remaining 20% is divided between marketing and the team.

Source: NYCTOKEN.

In May 2025, Adams promised to turn New York into a global crypto capital.

"We are focused on the long-term values of these technologies [...], not on chasing memes or trends," he stated.

Rug Pull?

The price of NYC Token plummeted from $0.47 to around $0.10 approximately 30 minutes after launch. The asset's market capitalization dropped from $500 million to less than $128 million at the time of writing.

15-minute chart of NYC/USDC on the Meteora exchange. Source: DEXScreener.

Experts noted suspicious activity. A wallet affiliated with the coin's creator sent 80 million tokens to an account that provided them as liquidity on the decentralized exchange Meteora.

That same address then withdrew $2.5 million in USDC at the peak price, returning only $1.5 million after a 60% drop.

Bubblemaps also pointed out that a wallet linked to the NYC deployment opened several one-sided liquidity pools on Meteora.

An on-chain analyst known as Rune estimated that investors may have lost $3.4 million on the former mayor's coin.

Eric Adams, former NYC major, has just removed the whole liquidity pool of his new memecoin: a total of $3,430,000 scammed https://t.co/QgGAVzgM3H pic.twitter.com/UdEbufckS3

ā€” Rune (@RuneCrypto_) January 12, 2026

Bubblemaps compared the scheme to the launch of the LIBRA token, which was promoted on social media by Argentine President Javier Milei.

It is worth noting that after being elected mayor in 2021, Adams stated he would receive his first three salaries in Bitcoin.