Meme Coin NYC Token Plummets, Triggering Fraud Allegations—Beware of the "Pump and Dump" Schemes in the Crypto Market

HashBard · 2026-01-15T05:00:14+00:00

NYC Token, as a meme coin, experienced intense volatility upon launch, with a sharp price decline drawing widespread attention. Former Mayor Eric Adams denied profiting and refuted claims that fund transfers were false information. However, the market questions whether this is a typical rug pull scam, and investors should carefully assess the true information and purpose behind the project.

HashBard

2026-01-15 05:00:14

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【Chain Wen】Recently, the NYC Token that has been causing waves in the crypto market has attracted widespread attention. This Meme coin, claiming to represent the energy of New York City, experienced a rollercoaster ride right after launch—its price soared from $0.58 to below $0.10, a decline of over 80%.

Former New York City Mayor Eric Adams later issued a statement clarifying that he did not profit from the token and emphasized that he has not moved any investor funds. His spokesperson also dismissed reports of fund transfers related to the token, calling them “false information.”

However, market observers remain unconvinced. This pattern of rising sharply and then crashing is almost a typical characteristic of a rug pull scam—project teams quietly sell off at high prices, leaving retail investors holding the bag. Although the NYC Token website claims to be a “community” cryptocurrency, it has no connection whatsoever to the New York City government or any official institutions. This detail is crucial: nominally leveraging the city’s IP for hype, but in reality, it is a completely private project.

What’s more intriguing is that there is currently no clear information about who the actual issuer behind the token is. This information asymmetry is precisely the breeding ground for chaos in the Meme coin market. Driven by FOMO, investors blindly follow the trend, often ending up with their funds wiped out.

This case once again reminds us: high returns in the crypto market always come with high risks. Before chasing the dream of getting rich quick with Meme coins, you must first ask—who is behind this project, and what is their true purpose?

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