Former New York City mayor Eric Adams unveiled a new memecoin project called NYC Token during a press conference in Times Square shortly after leaving office on 1 January.
The token launch quickly attracted attention from local media and crypto analysts as on-chain data raised concerns within hours of trading activity.
Observers flagged the project’s liquidity structure after reports showed significant withdrawals shortly after the token became tradable.
Crypto monitoring account Rune Crypto reported that around $3.4 million was removed from the liquidity pool soon after launch.
Analysts said the early liquidity movement raised red flags about the token’s risk profile and overall design.
Crypto commentator StarPlatinum warned that NYC Token appeared highly centralised, increasing potential risks for traders.
On-chain analytics platform Bubblemaps identified wallets linked to the token’s deployer showing unusual transaction patterns.
Bubblemaps data indicated that a deployer-linked wallet withdrew roughly $2.5 million in USDC near the token’s price peak.
The token’s value later dropped by more than 60 percent following the liquidity withdrawal, according to on-chain figures.