New York City Mayor Eric Adams has vehemently denied allegations that he moved or liquidated significant personal funds from a controversial cryptocurrency token that has recently faced intense market volatility and accusations of failing to deliver on its technological promises. The denial comes amid increasing scrutiny of the mayor’s enthusiastic promotion of digital assets during his term.
Speculation mounted following a sharp decline in the value of the unnamed token, leading critics and online financial commentators to suggest that Adams had quietly divested his holdings to mitigate losses—a move commonly referred to as ‘rug-pulling’ by early investors who abandon a project after gaining publicity.
Speaking at a City Hall briefing on Tuesday, Mayor Adams categorized the rumors as ‘irresponsible and baseless sensationalism aimed at undermining public trust.’ He affirmed that his investment in the blockchain sector remains a long-term commitment and emphasized that any relevant financial disclosures regarding his digital assets are handled with complete transparency and adherence to municipal law.
Adams became known nationally for his pro-crypto stance, notably announcing he would take his first three paychecks in Bitcoin and Ethereum upon taking office. This latest financial controversy highlights the persistent ethical challenges faced by public officials who champion highly speculative and unregulated assets, raising questions about potential conflicts of interest should their endorsements impact investment outcomes for city residents. His office has declined to name the specific token involved in the current rumor but maintains that the Mayor has not performed any major liquidation or transfer of funds designed to profit from insider information or market manipulation.
Source: Ex-NYC mayor Eric Adams denies moving money out of controversial token
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