Overview
- NYC Token, launched Jan. 12 on Solana, briefly neared a $600 million valuation before plunging more than 80%, with the price around $0.13 as of Jan. 15.
- On-chain analysts reported that a deployer-linked wallet withdrew roughly $2.5 million to $3.4 million in USDC near the peak, with about $1.5 million later returned and roughly $900,000 not restored.
- Spokesperson Todd Shapiro said Adams neither moved investor funds nor profited from the launch, while the project said it rebalanced liquidity using TWAP and added funds gradually to manage volatility.
- Bubblemaps counted about 4,300 participants with roughly 60% losing money, including at least 15 traders down more than $100,000, and found most buys occurred in a 20‑minute window before the public announcement.
- The Associated Press reported involvement by Adams ally Frank Carone and investor Yosef Sefi Zvieli, noted FalconX among market makers that declined comment, and quoted Brock Pierce saying he saw no one running off with funds.