Overview
- Adams unveiled the Solana-based NYC Token in Times Square, promoting it as a civic effort tied to anti-antisemitism initiatives, education and scholarships.
- Within hours of launch, the token’s implied valuation spiked to roughly $580–$600 million before collapsing by 60%–80% on Solana DEX data.
- On-chain analytics, including Bubblemaps, show a deployer-linked wallet withdrew about $2.5 million in USDC near the peak and later returned roughly $1.5 million, leaving around $900,000 unreturned.
- The NYC Token team and Adams deny wrongdoing, saying a market maker used TWAP-based liquidity management and asserting the team did not sell tokens and is under lockups.
- Sparse public documentation, undisclosed partners and reported six-figure trader losses have intensified scrutiny from analysts and media as on-chain reviews continue.