"Adams, a known crypto enthusiast, launched the currency on Monday, purportedly to support funding social causes such as the fight against antisemitism. According to reports, it immediately surged to around $580 million before dropping in value. According to an article in The Guardian, observers speculated that someone may have carried out a rug pull, when creators of the asset quickly sell their investments."
"Todd Shapiro, a spokesperson for Adams, called the allegations false and are unsupported by evidence. To be absolutely clear, Eric Adams did not move investor funds, he said in a statement. Eric Adams did not profit from the launch of the NYC Token. No funds were removed from the NYC Token. Shapiro said the token experienced market volatility, as newly launched digital assets can go through."
"The NYC Token is designed as a free, voluntary way to support educational and nonprofit efforts. Claims suggesting otherwise are inaccurate. The mission-driven crypto initiative aims to promote education and blockchain literacy, combat antisemitism and anti-Americanism, and support nonprofit and civic engagement, Shapiro explained. Mr. Adams remains committed to responsible innovation and to using emerging technologies to strengthen trust, education, and shared civic values, he said."
Eric Adams launched NYC Token, a cryptocurrency intended to support social causes such as combating antisemitism. The token's valuation briefly rose to about $580 million before falling. Observers raised the possibility of a rug pull, a rapid sell-off by asset creators. A public statement denied that any investor funds were moved and asserted that Adams did not profit from the launch. The initiative is presented as a voluntary way to support education, nonprofit efforts, blockchain literacy, and civic engagement. The project emphasizes responsible innovation and use of emerging technologies to strengthen trust and shared civic values.
Read at www.amny.com
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