New York City Mayor Eric Adams has vehemently denied allegations that he or his office were involved in a purported ‘rug pull’ scheme related to a city-endorsed cryptocurrency initiative. The controversy centers around CityCoins’ $NYCCoin, a digital asset Adams had enthusiastically promoted during his tenure as a strategy to generate revenue for the city through decentralized finance (DeFi). Despite initial fanfare and high-profile support from the Mayor, the coin saw its value plummet dramatically, leading to significant losses for investors and subsequent complaints alleging misconduct and misleading endorsement.
Mayor Adams asserts that his involvement was strictly exploratory, focused solely on leveraging blockchain technology for civic benefit, and that he derived absolutely no personal financial gain from the project’s launch or subsequent market activity. ‘I never made a dollar off of this coin,’ Adams stated publicly, insisting his intentions were transparent and aimed at positioning New York as a global leader in cryptocurrency adoption. He attributed the collapse of $NYCCoin to broader volatility within the cryptocurrency market, particularly following the severe market downturns of 2022, rather than any intentional malicious action by the city or the coin developers. Critics, however, maintain that the Mayor’s prominent endorsement lent unwarranted credibility to a highly speculative and volatile asset, placing retail investors at undue risk.
Source: Former NYC Mayor Eric Adams disputes memecoin rug pull allegations, claims he made no profit
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