Despite the backlash, a spokesperson for Adams said he remains committed to funding education programs and supporting scholarships for underserved students through the token.
A spokesperson for former New York City Mayor Eric Adams has refuted accusations that he moved money or profited from the NYC Token, which launched on Monday and plummeted 80% in the first hour of launch.
“To be absolutely clear: Eric Adams did not move investor funds. Eric Adams did not profit from the launch of the NYC Token. No funds were removed from the NYC Token,” Todd Shapiro, a spokesperson for Adams, said in a statement shared to X on Wednesday.
Accusations of a potential rug-pull spread after the NYC Token fell over 80% shortly after launch, with crypto analysts alleging that Adams’ team removed liquidity and scammed investors out of more than $3.4 million.
