Eric Adams launched the NYC token, saying proceeds would fund charities. The token rose to nearly $600M market cap then crashed to about $110M (price down ~81%). On‑chain analytics from Bubblemaps report a wallet linked to the deployer added liquidity, removed ~$2.43M USDC, then added back ~$1.5M USDC — leaving roughly $932,000 missing. The creator sent 80 million coins to the liquidity account; the token has a 1 billion max supply. The incident echoes prior politician‑backed token scandals and has drawn scrutiny; Decrypt sought comment from Adams.

Bubblemaps on‑chain data shows a deployer‑linked wallet removed ~$2.43M USDC and re‑added ~$1.5M USDC leaving ~$932k unaccounted; the token seeded 80M coins and has a 1B max supply; market cap fell from nearly $600M to ~$110M and price is down ~81% — concrete liquidity extraction and large price collapse justify strong bearish sentiment and high near‑term trading impact.