Ex-NYC mayor Eric Adams launches cryptocurrency, says it will fight antisemitism

Profits made by ‘NYC Token’ will go to nonprofits battling hatred, Adams says; coin’s value spikes, then plummets, in first hour of trading, drawing suspicions of a ‘rug pull’ scam

Former New York City mayor Eric Adams on Monday announced the launch of a new cryptocurrency, dubbed NYC Token, and said it would aid in the fight against resurgent antisemitism.

The project’s website said the coin “represents the unstoppable energy of the Big Apple” and declared, “This is more than a token—it’s a movement.” It did not provide any details on how the asset might be used, in New York or elsewhere.

Adams, whose term ended on January 1, has close ties to Jewish communities in the US city and is a staunch supporter of Israel.

He has especially emphasized these credentials since the election in November of his successor, Zohran Mamdani, who has a history of anti-Israel activism and whom community leaders have accused of tolerating antisemitism.

At a press conference, Adams said that “one focus we have on this New York City coin is to use the revenue generating to address anti-Americanism, antisemitism, to teach our children how to embrace the blockchain technology of how to run cities correctly,” according to The New York Post.

He said profits from the coin would go to an as-yet-unnamed nonprofit, which would in turn fund groups combating antisemitism. The business model was not immediately clear.

Adams also said the project would help historically Black colleges and universities, the Post reported.

The ex-mayor released a short video announcing the coin, in which he declared from the back of a yellow cab: “We’re about to change the game. This thing is about to take off like crazy.”

Within minutes of NYC Token’s initial offering — the point at which the general public is able to purchase the digital asset, analogous to a stock’s IPO – the coin’s value skyrocketed, only to plummet 80 percent within the next half-hour.

According to a story by the Decrypt news site, carried by Yahoo Finance, data analysis showed that the sharp fall in value came after a user linked to NYCToken’s development sold some $2.43 million worth of the coin, suggesting a so-called “rug pull” scam.

In a rug pull, someone who acquired a coin before it went on the market waits until the public launch causes its value to spike within an exchange pool, then cashes out into a more stable, valuable coin. The scammer, having provided the initial liquidity, can also make money through fees associated with the trades.

NYC Token acknowledged the activity, posting on X: “Given the overwhelming support and demand for the token at launch, our partners had to rebalance the liquidity.” The project added: “We’re in it for the long haul!”

The user who made the initial liquidity pull later returned some $1.5 million to the exchange, but about $1 million remains unaccounted for, according to an analysis cited by Decrypt.

Adams, a Democrat who dropped his floundering reelection bid last year after initially running as an independent, was previously under federal investigation for alleged bribery. The charges against him were dropped in 2025, at the behest of the Trump administration.

He is a longtime supporter of cryptocurrency, and insisted on receiving his first few paychecks as mayor in Bitcoin.