Eric Adams is currently the target of criticism after announcing a memecoin that peaked at $580 million in value, which plummeted 80% in a matter of minutes. Online, observers are suggesting that Eric Adams performed a so-called “rug pull” scam to pocket millions before dumping the memecoin.
Eric Adams’ name was trending on X on Tuesday (January 13), referencing the former New York mayor’s announcement of the $NYC memecoin. Adams launched the coin in Times Square during a press conference, this after previously hinting late last year that the coin would be used to “go after violence, educate our children and deal with antisemitism,” with Adams later explaining that the funds would be distributed among several organizations.
Just hours after the Solana-based token went live, investors saw the value of $NYC reach $580 million, which later tanked after Adams, or someone connected to him, reportedly pulled his investment into the coin to the tune of millions, if reports are accurate. As a result, X accounts that watch the cryptocurrency market are framing Adams’ actions as a “rug pull,” essentially a scam to balloon the value of the coin and get out before it tanks in value.
The @RuneCrypto_ account on X was the first to frame Adams’ actions as a rug pull and broke down the numbers via a chart. This prompted others in the space to chime in on Adams and the alleged rug pull scheme.
Keep scrolling to see the X accounts and their assessment of the actions of Eric Adams, once referred to as the “Bitcoin Mayor,” and the rise and crash in value of the $NYC token.
[h/t: TheStreet]
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Photo: Getty
