"New York has inaugurated a brand-new mayor, but investigators and prosecutors will be processing the wreckage of Eric Adams's scandal-plagued administration for years to come. The mountain of corruption seems to be far taller and stinkier than was generally known, and the ex-mayor has been busy adding new offal to the heap. Just last week, Adams called reporters to Times Square, where he began hyping a digital asset called the NYC Token."
"It was part of what seems to be a grifty, multimillion-dollar memecoin hustle, known as a "rug pull," in which investors are encouraged to buy a cryptocurrency asset by operators who quietly siphon off the invested money, leaving buyers with little or nothing. Adams and/or his unnamed partners in NYC Token may have netted a million dollars in the space of a few hours."
New York has inaugurated a new mayor while investigators and prosecutors will continue processing the wreckage of Eric Adams's scandal-plagued administration. The administration's corruption appears larger and more egregious than previously known, and the ex-mayor reportedly continued adding questionable activity. Adams promoted a digital asset called the NYC Token in Times Square that functioned as a memecoin and was described as part of a multimillion-dollar "rug pull." Adams and unnamed partners may have netted about a million dollars in a few hours. A longtime ally, Tony Herbert, was indicted on federal fraud and bribery charges for taking kickbacks. Former police commissioner Thomas Donlon filed a defamation suit against the ex-mayor.
Read at Intelligencer
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