Former NYC mayor denies profiting from alleged token rug pull

Former New York Mayor Eric Adams has denied allegations of a rug pull related to the NYC token he endorsed, stating that he did not move investor funds or personally profit from the project, according to The Block. However, the NYC token project team has acknowledged a liquidity rebalancing occurred shortly after its launch, creating a conflict between the two parties' accounts. The allegations were first raised by on-chain analysis platform Bubblemaps, which reported that it had detected millions of dollars in liquidity withdrawals from wallets associated with the token. The NYC token's market capitalization surged immediately after its launch before plummeting by approximately 80%.