Eric Adams launched $NYC memecoin and drained $3.4M in liquidity within 40 minutes, causing an 80% crash that wiped out $500 million as traders lost millions in the political rugpull.
The former New York City mayor launched $NYC token only to drain liquidity minutes after launch, leaving traders with devastating losses as $500 million vanished in under an hour.
Eric Adams executed what traders are calling the most brazen political rugpull in crypto history. The memecoin went live at 10:27 PM UTC on January 13, with $NYC rocketing to a $587 million market cap within 14 minutes before the liquidity drain began.
According to @buynyctoken on X, the official contract address Ho5fkxk9uqUuVN5kt7TUFacduWCpKPAuYkM9HD3KAXA2 launched with significant fanfare. However, what followed crushed early believers.
Lightning-Fast Liquidity Drain Crushes Traders
@lookonchain reported on X that Adams pulled 3.18 million USDC from the liquidity pool at the price peak. The withdrawal triggered panic selling across the board, with one trader identified as Dr6s2o losing $473,500 in under 20 minutes—a 63.5% loss.
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The memecoin crashed 80% from its all-time high to below $100 million market cap. @BullTheoryio detailed on X that the team started pulling liquidity just two minutes after the token peaked at 10:41 PM UTC. Within 40 minutes, $500 million in value evaporated while the team extracted $3.4 million.
@AshCrypto stated on X that Adams made approximately $3.5 million from the scheme. The immediate 80% collapse left hundreds of traders holding worthless tokens as the former mayor cashed out at the top.
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The incident highlights why institutional adoption remains stalled. When political figures exploit cryptocurrency for quick profits, it undermines years of legitimacy-building efforts. This rugpull follows a pattern of celebrity token launches ending in disaster, further damaging the industry's reputation among regulators and traditional investors.
Trading data from Solscan confirms the liquidity extraction timeline, with the contract address showing systematic withdrawals during peak trading volume. The former NYC mayor's actions demonstrate how quickly trust can be destroyed in memecoin markets, where liquidity can disappear without warning.
3 Key Takeaways:
- Former NYC Mayor Eric Adams extracted $3.4M from $NYC memecoin launch in under one hour
- Token crashed 80% from $587M peak to below $100M after liquidity drain at price top
- One trader lost $473.5K in 20 minutes as panic selling followed the rugpull incident
Key Topics
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Ex-NYC Mayor's $3.4M Memecoin Rugpull Exposed
Former NYC Mayor Eric Adams drains $3.4M from $NYC memecoin in 40 minutes, crushing traders as $500M market cap collapses 80% in shocking political rugpull.