Former New York City Mayor Eric Adams's newly launched "NYC Token" aims to fund anti-hate and blockchain education programs, but it plummeted nearly 81% shortly after launch. The token's market capitalization dropped from nearly $600 million to about $100 million within just 30 minutes. On-chain analysis shows that approximately $2.43 million in liquidity was removed by a wallet associated with the deployer, and about $932,000 went to an unknown destination, leading the cryptocurrency community to label this event as a "rug pull."
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Former New York City Mayor Eric Adams's newly launched "NYC Token" aims to fund anti-hate and blockchain education programs, but it plummeted nearly 81% shortly after launch. The token's market capitalization dropped from nearly $600 million to about $100 million within just 30 minutes. On-chain analysis shows that approximately $2.43 million in liquidity was removed by a wallet associated with the deployer, and about $932,000 went to an unknown destination, leading the cryptocurrency community to label this event as a "rug pull."