Ex-Mayor Eric Adams Accused of $3M Crypto Rug Pull on NYC Token Project

Former New York City Mayor Eric Adams, once a vocal advocate for cryptocurrency, is now facing serious allegations of a $3 million "rug pull" in connection with the NYC Token project. The accusations suggest that funds raised for the city-themed digital asset were misappropriated, leaving investors with significant losses. This controversy emerges after Adams' administration actively promoted the token as part of an initiative to position NYC as a crypto hub. The case highlights the persistent risks of fraud and regulatory challenges within the cryptocurrency sector, casting a shadow over municipal crypto ventures and eroding investor trust. Legal experts anticipate investigations by financial authorities, which could lead to severe consequences for all parties involved.