Crypto coin firm touted by Eric Adams denies allegations of ‘rug pull’ scam

A picture


The cryptocurrency launched by New York City’s former mayor Eric Adams is already in hot water, and now the company behind it is being forced to defend itself from accusations that it scammed people.Investors and cryptocurrency watchers say the asset, dubbed NYC Token, surged to about $580m shortly after it hit the market on Monday and then rapidly plummeted in value.Observers speculated that someone behind the scene may have carried out what’s known in the crypto world as a “rug pull” – when the creators of the asset quickly sell their investments.The company behind the coin has denied any wrongdoing.In a statement posted on X, NYC Token said it was aware of the allegations but rejected claims of a rug pull.

“Given the overwhelming support and demand for the token at launch, our partners had to rebalance the liquidity,” the company said.Adams has not commented publicly about the accusations and could not be reached for comment.His exact role at the company is unclear.The former mayor is a longtime cryptocurrency fan and debuted NYC Token, which has no affiliation with New York City or a government agency, at an appearance in Times Square on Monday.He said the asset was “built to fight the rapid spread of antisemitism and anti-Americanism” and urged people to buy it.

The website for NYC Token calls it a “community” currency and the “digital heartbeat” of the city.It says that total supply of the token is 1bn, but does not list any of the people behind the project and how such a cryptocurrency would fight antisemitism.In an ad Adams posted to X, he hyped the coin, exclaiming: “This thing is about to take off like crazy.”Cryptocurrency is known for being highly speculative, with drastic swings from high to low.Even NYC Token’s website includes a disclaimer saying: “The value of NYCTOKEN may fluctuate significantly and could result in total loss of your investment.

”Such fluctuations were on full display on Monday when the value of the asset rose to nearly $600m and then tumbled to less than $100m in a matter of hours, according to the analytics platform Bubblemaps.In its analysis, Bubblemaps said NYC Token’s liquidity was “seeded and withdrawn” in unusual patterns right after launch.“Several wallets purchased large amounts of $NYC early, then moved funds into and out of pools rapidly,” Bubblemaps said.“Timing and size of these movements suggest some level of pre-planned activity.”NYC Token told Bloomberg the liquidity movements were adjustments to keep trading “running smoothly”.

It added: “The team has not sold any tokens and is subject to lockups and transfer restrictions … The team has not withdrawn any money from the account.”
societySee all
A picture

LGB+ people in England and Wales ‘much’ more likely to die by suicide than straight people

LGB+ people are much more likely to die by taking their own lives, drug overdoses and alcohol-related disease than their straight counterparts, the first official figures of their kind show.The 2021 census in England and Wales asked people aged 16 and above about their sexual orientation for the first time. The Office for National Statistics (ONS) has now analysed differences in causes of mortality from March 2021 to November 2024. The ONS research uses the acronym LGB+ rather than LGBTQ+.It found that people who identified as gay, lesbian, bisexual or “other” sexual orientation had 1

A picture

Football fan took his own life after using illegal ‘predatory’ betting sites, inquest told

A football fan took his own life after his love of the sport fuelled a gambling addiction that led him to bet with illegal offshore operators that “prey on” vulnerable people, a coroner has heard.Ollie Long, from Wendover in Buckinghamshire, died in February 2024, aged 36, after struggling with his addiction for eight years.In statements read by Long’s sister, Chloe, East Sussex coroner’s court in Lewes heard the “endlessly kind” Liverpool FC fan had started gambling through his passion for football and won £15,000 through a sign-up offer.She said the gambling websites he went on to use were “highly addictive, predatory systems designed to exploit”.The court heard the sites included illegal offshore operators that target UK consumers who have signed up with the the country’s self-exclusion scheme, GamStop, promoting themselves online as “Not on GamStop”

A picture

HMRC admits 71% wrongly targeted in child benefit fraud crackdown

Seven in 10 parents who had child benefit suspended in an HMRC fraud crackdown last year were in fact legitimate beneficiaries who had not emigrated, the tax authority has revealed.The chief executive of HMRC, John-Paul Marks, told the Treasury select committee that 71% of those targeted, higher than the 63% previously admitted, were in error.Marks said that “just under 5%” of the 23,700 parents who lost their child benefit were in fact fraudulent claimants.Meg Hillier, the chair of the committee, accused HMRC of causing unnecessary “pain” to innocent parents and making an “egregious error” in assuming parents who had used Dublin airport to return to Northern Ireland had emigrated.The admission shows a major system failure by HMRC, which had told the government before rolling out the scheme in July that it could save up to £350m in benefit fraud over five years

A picture

Women are feral for Heated Rivalry. What does that say about men?

The explosive popularity of the gay hockey TV drama reveals women’s desire for sex and romance without violence or hierarchyThe first time gay hockey romance crossed Mary’s radar, she was warned off it. A 64-year-old non-profit executive from Toronto, Mary recalled mentioning the Canadian author Rachel Reid’s Game Changers series to her son, a twentysomething queer writer and fellow hockey obsessive, a few years ago.“I said: ‘Have you heard of these books?’ and he said: ‘Yeah.’ I said: ‘Should I read these books?’ And he said: ‘No. They’re not for you

A picture

‘He tried so hard to get help’: the tragic results of NHS right-to-choose for ADHD patients

When Leigh White remembers her brother Ryan, she thinks of a boy of extraordinary ability who “won five scholarships at 11” including a coveted place at Bancroft’s, a private school in London. He was, she said, “super bright, witty, personable, generous and kind”.Ryan killed himself on 12 May 2024. A report written after his death acknowledged significant shortcomings in the support he received while seeking help for attention deficit hyperactivity disorder.Like many people the Guardian spoke to, he followed the “right to choose” pathway, whereby patients can pick a private provider anywhere in England for assessment, diagnosis and initial treatment

A picture

Death on the inside: as a prison officer, I saw how the system perpetuates violence

There are hotspots for violence in prison. The exercise yard, the showers. There are peak times, too. Mealtimes and association periods are particularly volatile.But first thing in the morning is not when you expect to hear an alarm bell