Former NYC Mayor Eric Adams Breaks Silence On Token Controversy

Former New York City Mayor Eric Adams has pushed back forcefully against allegations surrounding the NYC Token, calling recent reports “false” and unsupported by evidence.

Specifically, in a statement published on X by Adams’ official account on January 14, spokesperson Todd Shapiro rejected claims that Adams moved money out of the NYC Token or personally benefited from its launch.

The statement comes amid intense scrutiny of the token project and questions circulating online about whether investor funds were misused. Indeed, as Shapiro said:

“To be absolutely clear: Eric Adams did not move investor funds. Eric Adams did not profit from the launch of the NYC Token. No funds were removed from the NYC Token.”

What Is the NYC Token and Why Is It Under Scrutiny?

The statement describes Adams’ involvement as “public, transparent, and mission-driven,” focused on promoting blockchain education, combating antisemitism and anti-Americanism, and supporting nonprofit and civic initiatives. Shapiro added that Adams’ participation was never intended for personal or financial gain.

As a reminder, the NYC Token reportedly launched as a voluntary digital asset initiative, and the Adams’ team marketed it as a way to support educational and nonprofit efforts tied to New York City. 

However, the token’s price collapsed after on-chain data suggested that someone pulled liquidity at the price peak. A brutal selloff ensued, wiping hundreds of millions off its market cap in minutes, and leaving many investors in the red. Accusations arose that it was a garden-variety rug-pull scam.

That said, the Adams’ team has argued in the statement that the token did experience sharp price volatility after its debut, a common pattern for many newly launched tokens in cryptocurrency markets when hype-driven launches lead to extreme short-term swings.

Adams Points to Market Volatility, Not Wrongdoing

Shapiro emphasized that market volatility alone does not indicate wrongdoing, noting that Adams has consistently supported transparency, accountability, and responsible innovation in the digital asset space. Per the statement:

“New York City remains a global financial capital, with billions of dollars in cryptocurrency traded daily, underscoring the sector’s importance to the city’s economy.”

The Adams team framed the NYC Token as a free and voluntary initiative, arguing that claims suggesting they used it for improper financial activity are inaccurate. The statement also highlighted Adams’ broader push to position New York City as a hub for responsible crypto innovation.

A Pro-Crypto Mayor Under a Growing Spotlight

Adams, who famously took his first mayoral paychecks in Bitcoin (BTC) and Ethereum (ETH), has long been one of the most vocal pro-crypto politicians in the United States. During his tenure, he repeatedly promoted blockchain adoption and crypto-friendly business development in New York.

The new controversy shows how closely political figures tied to crypto initiatives are now under scrutiny as digital assets move further into the mainstream.

Meanwhile, Adams’ camp is adamant: the former mayor moved no funds, took no profits, and the the team didn’t design the NYC Token as a personal financial venture.

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