Former New York City Mayor Eric Adams launched a new cryptocurrency called the “NYC Token” on January 12, 2026, attracting immediate attention and equally swift criticism.
According to reports, Adams launched the project in Times Square and framed it as a way to support education and fight anti-semitism and anti-Americanism. The token is built on the Solana blockchain, based on information released at launch.
Token Presentation and Purpose
According to the official pitch and subsequent statements, the proceeds from the token would help fund scholarships and blockchain training programs in underserved communities.
Adams described the coin as a community symbol tied to New York identity and global reach. The introduction of this promotion is promised to benefit the public, but critics say the public’s knowledge about governance and financial management is low.
Market Movement
The market reacted quickly. Based on reports, the token briefly showed a market cap of around $580 million–$730 million in the first hours after the start of trading. Prices then drop.
I am proud to present @buynyctokena new token created to combat the rapid spread of antisemitism and anti-Americanism throughout this country and now in New York City.
Now live at pic.twitter.com/qBMzV88Tmj
— Eric Adams (@ericadamsfornyc) January 12, 2026
Trades showed a drop of around 80% as the token price dropped from close to $0.46 to around $0.10 shortly after the stock market opened. Trading volume rose and fell, leaving many traders facing huge losses.
Liquidity and Contingency
On-chain observers and crypto analysts have raised the alarm about the sudden withdrawal of liquidity a few minutes after the launch of the token. Reports revealed that millions of dollars were withdrawn from trading pools, prompting suspicions of racketeering in some corners of the crypto community.
Total crypto market cap currently at $3.1 trillion. Chart: TradingView
The token’s official website was also criticized for missing or non-functional links to important documents, and there was little information about which groups would receive the money or how decisions would be made.
Adams’ Crypto Record: The Political Context
Eric Adams is no stranger to digital assets. While in office he converted parts of his income into Bitcoin and Ethereum and pushed policies to attract blockchain firms to the city.
His successor, Mayor Zohran Mamdani, refused to participate in the token project and did not recommend it. That split raised questions about whether the former executive should use his public profile to promote a privately issued coin.
New York City at night. Image: Anthony Nazario for Lonely Planet
Community Response
Analysts called for transparency and called for more scrutiny of on-chain information. Based on reports from blockchain trackers, some transfers and liquidity releases were publicly visible on the Solana network, adding to the scrutiny.
Civil society groups and investors have called for clearer disclosure, while legal experts have warned that investigations or regulatory attention could follow if money is channeled in ways that harm ordinary consumers.
Image by ThomasShanahan / iStock.com, chart from TradingView
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