Eric Adams Denies Profiting from NYC Token Amid 80% Plunge
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 8h ago- Denial of Fund Movement: Eric Adams' spokesperson firmly denied any movement of investor funds or personal profit from the NYC Token launch, asserting that “no funds were removed” in response to accusations of scamming investors out of $3.4 million.
- Market Volatility Impact: The spokesperson attributed the NYC Token's dramatic 80% drop within the first hour of launch to “market volatility,” aiming to alleviate investor concerns regarding potential misconduct by Adams' team.
- Liquidity Adjustment Controversy: While the spokesperson claimed “no funds were removed,” the NYC Token's official account previously stated it had “rebalanced liquidity” in response to launch demand, creating a contradiction that may raise further scrutiny.
- Commitment to Philanthropy: Adams emphasized that proceeds from the NYC Token would fund non-profits to raise awareness about antisemitism and anti-Americanism through educational programs, as well as support scholarships for underserved NYC students, reflecting his ongoing commitment to social responsibility.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
