Overview
- Todd Shapiro, speaking for Adams, said the former mayor did not move investor funds or profit from the launch and described the effort as a civic initiative, not personal gain.
- Blockchain analytics, including Bubblemaps, show a deployer‑linked wallet removed roughly $2.5–$3 million in USDC near the peak, with about $1.5 million later returned and an estimated $900,000 not restored.
- The NYC Token account said partners had to rebalance liquidity using market‑maker mechanisms, a statement that contrasts with Adams’ team asserting no funds were removed.
- The Solana token dropped more than 80% from launch highs and trades around $0.13, with trackers reporting hundreds of millions in market value erased from peak levels.
- Bubblemaps estimates about 4,300 traders participated and roughly 60% lost money, including at least 15 wallets with losses exceeding $100,000.