Address linked to former NYC mayor withdrew $3.2M in USDC at NYC peak

An address presumed to belong to former New York Mayor Eric Adams withdrew approximately 3.18 million USDC at the price peak of the NYC token, according to on-chain analytics firm Lookonchain. The firm reported on X that panic selling began in the market following the withdrawal. The NYC token, which Adams had previously supported, saw its market capitalization surge to $730 million shortly after its launch before plummeting by 80%.