Former NYC Mayor Eric Adams Launches His Own Cryptocurrency ’NYC Token’ - A Bold Move or Political Gimmick?

Eric Adams—once the mayor of America's financial capital—just dropped his own digital asset. NYC Token hits the blockchain with the kind of fanfare you'd expect from a politician who once tried to take his first three paychecks in Bitcoin.

The Vision Behind the Coin

Adams frames it as a tool for civic engagement. Holders might get perks—discounts at local businesses, early access to city events, maybe even a digital high-five from the former mayor himself. It's a loyalty program, but on-chain and with more speculative potential.

Why This Matters for Crypto

Politicians diving into token creation signals a shift. No longer just talking about regulation or bans, some are building. It legitimizes the space for normies while making crypto veterans roll their eyes—another celebrity coin, but this time with a government pedigree.

The Inevitable Skepticism

Let's be real: the track record for politician-backed ventures is... mixed. The token's white paper promises utility, but the real value prop feels like branded nostalgia for an administration that just ended. A cynical take? It’s a fundraising vehicle disguised as community building, because what ex-politician doesn't need a new revenue stream?

Adams’s gamble highlights crypto’s messy, fascinating evolution—from anarchist tool to political accessory. Whether NYC Token becomes a genuine city asset or just a collector's oddity depends on whether anyone actually uses it. Or, more likely, trades it.

NYC Token launch deemed “Rugpull” by investors

Social media went into a frenzy after investors of $NYC took to X, claiming that the token was rug-pulled shortly after launch. One user, AshCrypto, stated that the token hit $500 million in market cap before experiencing an 80% crash to below $100 million after liquidity was withdrawn from the project. This liquidity removal apparently happened just around 30 minutes after the token’s initial launch, according to @RuneCrypto_ on X. Bubblemaps, an analytics platform that maps on-chain data and activity, posted that a wallet connected to the $NYC deployer cashed out on $2.5 million when the token peaked in price.

Under a post on Eric Adams’ official X account announcing the launch of $NYC, there is now a community note claiming that the former mayor himself withdrew liquidity from the token shortly after launch. The official NYC Token account on X posted a statement to address concerns, stating:

“Given the overwhelming support and demand for the token at launch, our partners had to rebalance the liquidity. We are aware of reports flagging the transactions removing liquidity from the pool.”

They then went on to say that the team has since “added additional funds to the liquidity pool.”

The founder of Uniswap, Hayden Adams, also criticized Eric Adams’ actions and ultimately the trend of celebrities using their fame to launch tokens and scam unsuspecting investors. He made a point that it is entirely possible for those with status and a following to be able to monetize it through the blockchain without ripping people off. He additionally argued that celebrities can likely make even more money by launching a legitimate project instead.

Eric Adams’ past corruption scandal

Adams’ tenure as mayor of the largest city in the U.S. was largely overshadowed by a tumultuous corruption scandal. In 2024, he was accused of accepting illegal campaign donations and charged with wire fraud, conspiracy, and multiple counts of bribery, according to a CBS News timeline on the matter. Federal agents raided the homes of Adams and multiple members of his administration between 2023 and 2024, leading to a series of resignations. Adams pleaded not guilty to his charges, and the case was ultimately dropped at the request of the TRUMP Administration’s Department of Justice in April of 2025. The former mayor maintains his innocence to this day.

It has only been roughly two weeks since Eric Adams left the New York City mayor’s office after Zohran Mamdani was elected to replace him in 2025. Critics of Adams have taken to social media to attack his integrity both before and after the launch of the token, questioning why anyone WOULD trust him with their money, considering his history.

Join a premium crypto trading community free for 30 days - normally $100/mo.