Former New York Mayor Involved in Rug Pull Allegations: On-Chain Investigation into NYC Token

marsbit2026-01-15 tarihinde yayınlandı2026-01-15 tarihinde güncellendi

Özet

Former New York City Mayor Eric Adams faces allegations of a "rug pull" following the launch of the NYC token. Shortly after its debut on January 13, the token’s value plummeted over 80% when the liquidity pool creator address (9Ty4M4t9MZArhJBKFWbYrzeqdMf2Ua5eHWSRW3LXKyGt) removed approximately 2.377 million USDC just 30 minutes post-launch. This caused the token’s market cap to crash from a high of $600 million to under $100 million. Beosin’s on-chain analysis traced the initial funding to a Mayan bridge and Kraken. After the crash, the same address began making small purchases of NYC tokens, but the price only recovered to around $0.133. The address still holds 1.332 million USDC, resulting in an estimated profit of $330,000. Adams denied personal profit or involvement in removing funds. However, the analysis confirms liquidity manipulation, with only about $1 million returned to liquidity after $2.37 million was withdrawn. This incident highlights the significant risks associated with celebrity-backed tokens.

Author: Beosin

On January 13-14, former New York City Mayor Eric Adams faced significant scrutiny after the token he launched, NYC, experienced a sharp price drop shortly after its release. The Beosin security team conducted a detailed on-chain analysis of the incident and shares the findings below:

Event Overview

On January 13, Beijing time, former New York City Mayor Eric Adams announced the launch of the NYC token (token contract address: Ho5fkxk9uqUuVN5kt7TUFacduWCpKPAuYkM9HD3KAXA2) on social media. However, just 30 minutes after the token went live, the address that created the liquidity pool, 9Ty4M4t9MZArhJBKFWbYrzeqdMf2Ua5eHWSRW3LXKyGt, began removing liquidity:

https://solscan.io/account/9Ty4M4t9MZArhJBKFWbYrzeqdMf2Ua5eHWSRW3LXKyGt

This address removed approximately 2,377,376 USDC, causing the price of the NYC token to plummet by over 80%, and its market capitalization to shrink from a peak of $600 million to less than $100 million.

https://ave.ai/token/Ho5fkxk9uqUuVN5kt7TUFacduWCpKPAuYkM9HD3KAXA2-solana

On January 15, Adams continued to promote the NYC token by retweeting related posts and issued a statement through his representative, Todd Shapiro, claiming that he did not profit from the NYC token and did not withdraw any funds from it. However, the community remains skeptical.

On-Chain Data Analysis

Using BeosinTrace to analyze the Solana address 9Ty4M4t9MZArhJBKFWbYrzeqdMf2Ua5eHWSRW3LXKyGt, we obtained the following results regarding its on-chain activities.

1. On-Chain Activity Overview

The address 9Ty4M obtained 1,000,001 USDC from the Mayan cross-chain bridge and a Kraken user address, then created the NYC-USDC liquidity pool. After removing liquidity at 6:43 Beijing time on January 13, which caused the price to crash, the address 9Ty4M began making small purchases of NYC tokens starting at 16:15 on the same day, continuing to the present.

Further tracing of the cross-chain funds reveals that they originated from the Arbitrum address 0xBc985b167C5F3801B19E2Dec7082c2fcbBF07e91. Continuing the trace, it was found that 90% of these funds were withdrawn from Kraken, while 10% came from an unknown multi-chain active trading address, 0x276fbb81c8a7567ad2412469a549bd4dc82cab65.

2. Transaction Data Analysis

According to BeosinTrace data statistics, the address 9Ty4M has purchased 2,301,250 and 1,566,926 NYC tokens via the addresses FWuiWEdkcR1NLPjozcEuErtGGDZG5kyPu3oszmnF8uni and H7Lnoh82SZghsXmoqffoCiFz7U3D1cwZ8ZPjRUMU7fc5, respectively, on Jupiter. However, the price of NYC has only recovered to 0.133-0.134, with a total market capitalization of approximately $130 million.

Currently, the address 9Ty4M still holds 1,332,243.85 USDC. Excluding any gains from NYC tokens, this address has profited by approximately $330,000 due to the limited liquidity of the NYC token.

Conclusion

This celebrity token launch has once again sparked significant controversy. Token issuance itself involves risks related to compliance, technology, and fund security. The removal of liquidity, which led to a sharp decline in the token's price, has negatively impacted investors and the market.

The on-chain analysis using BeosinTrace confirms the existence of "liquidity manipulation" behavior. After withdrawing $2.37 million in liquidity, the issuer continued to make purchases but only returned approximately $1 million, with the remaining $1.33 million still held in the issuer's address. Users should enhance their security awareness and avoid trading such high-risk, easily manipulated tokens. Beosin will continue to monitor the token's liquidity situation and the fund movements of related addresses to safeguard users' funds.

İlgili Sorular

QWhat is the main controversy surrounding former New York City Mayor Eric Adams and the NYC token?

AFormer NYC Mayor Eric Adams is facing controversy after the NYC token, which he promoted, experienced a price crash of over 80% shortly after launch. This occurred when the address that set up the liquidity pool removed approximately 2.38 million USDC, leading to accusations of a 'Rug Pull'.

QWhat on-chain evidence from BeosinTrace suggests a 'liquidity manipulation' in the NYC token incident?

ABeosinTrace analysis revealed that the address '9Ty4M...' removed liquidity worth about 2.38 million USDC 30 minutes after the token launch, causing the price to crash. Later, the same address began buying back NYC tokens in small amounts, but only returned approximately 1 million USDC worth of value, while 1.33 million USDC remained in their wallet, indicating a net withdrawal of funds.

QWhat was the source of the initial funds used to create the NYC token liquidity pool according to the investigation?

AThe investigation traced the initial 1,000,001 USDC used to create the liquidity pool. It originated from the Mayan cross-chain bridge and a Kraken user address. Further tracing showed these funds came from an Arbitrum address, with 90% withdrawn from Kraken and 10% from an unknown multi-chain active trading address.

QHow did Eric Adams and his spokesperson respond to the allegations regarding the NYC token?

AEric Adams continued to promote the NYC token after the incident. His spokesperson, Todd Shapiro, stated that Adams did not personally profit from the token and did not remove any funds from it, though the statement did not alleviate community skepticism.

QWhat is the current status of the address that removed the liquidity, and what is their estimated profit?

AThe address '9Ty4M...' still holds 1,332,243.85 USDC. After accounting for the value of the NYC tokens it bought back, the investigation estimates the address has a profit of approximately $330,000 from this activity.

İlgili Okumalar

There’s An FOMC Meeting Scheduled This Month, But Will The Fed Decision Affect Bitcoin?

The Federal Open Market Committee (FOMC) is scheduled to meet on June 16-17, with markets widely expecting the Fed to maintain interest rates at their current level of 3.5-3.75%. According to the CME FedWatch Tool, there is a 99.4% probability of rates remaining unchanged. The outcome of this meeting is anticipated to impact Bitcoin's price. If rates are held steady, Bitcoin's current market trajectory is likely to continue unchanged. Conversely, an unexpected rate hike could trigger bearish sentiment by reducing investor risk appetite and market liquidity, potentially leading to sell-offs. A rate cut, though currently considered improbable, would be the most bullish scenario, encouraging investment in risk assets like Bitcoin and potentially driving its price higher.

bitcoinist18 dk önce

There’s An FOMC Meeting Scheduled This Month, But Will The Fed Decision Affect Bitcoin?

bitcoinist18 dk önce

Anthropic's IPO Launch: Commercial Miracle or Valuation Bubble?

Anthropic has confidentially filed for an IPO, led by Morgan Stanley and Goldman Sachs, potentially going public by October. Following its latest $650 billion funding round, its pre-IPO valuation stands at $965 billion, with projections reaching up to $2 trillion at listing, which would make it the highest-valued private company ever. The article, written by Fu Sheng, addresses skepticism that this represents an AI bubble akin to the 2000 dot-com crash. It argues the current situation differs fundamentally. Unlike the internet bubble era, which relied on speculative narratives with little revenue, Anthropic's valuation is backed by unprecedented, measurable financial performance. Key data points include: * **Revenue Growth:** ARR skyrocketed from $10 billion in early 2025 to $470 billion by May 2026, targeting $100 billion by year-end—a growth curve unmatched in business history. * **Profitability:** It achieved operating profitability in Q2 2026 with an estimated $5.6 billion profit. * **Efficiency:** With ~3,000 employees and ~$470 billion ARR, its revenue per employee exceeds $10 million. Products like Claude Code, launched less than a year ago, already generate $25 billion in annualized revenue. * **Enterprise Adoption:** It boasts a strong enterprise client base, with 8 of the Fortune 10 and over 1,000 large firms spending over $1 million annually on Claude. The valuation is framed using a traditional SaaS model (e.g., a 10x Price-to-Sales multiple on $100 billion revenue). The author contends the core question for analysts has shifted from "How big could this be?" to "How much is it earning and will earn next quarter?" The discussion extends beyond Anthropic to a broader paradigm shift: the transition from a "carbon-based" to a "silicon-based" economy. Companies are increasingly prioritizing investment in compute and AI capabilities over human resources, as these directly scale productivity and competitive advantage. Anthropic's IPO is thus positioned not just as a corporate milestone, but as a price anchor for this new economic era.

链捕手24 dk önce

Anthropic's IPO Launch: Commercial Miracle or Valuation Bubble?

链捕手24 dk önce

US Senators Press Bank Regulators For ‘Fair’ Crypto Capital Rules

A group of U.S. Senate Republicans, led by Senator Cynthia Lummis, is urging federal bank regulators to establish clear and fair capital rules for banks involved with crypto assets. In a letter to the Federal Reserve, FDIC, and OCC, the lawmakers criticized the international Basel Committee's standards, which impose a punitive 1,250% risk weight on crypto assets, calling it a de facto ban not based on actual risk. They applauded recent interagency guidance that granted tokenized securities the same capital treatment as traditional ones, arguing this risk-based principle should apply consistently to all digital assets. The senators called on the agencies to develop a new capital framework, aligning with recent legislative progress on crypto market structure. Their push coincides with testimonies from top regulators, who emphasized a shift toward more risk-based supervision and responsible innovation, while also addressing stablecoin oversight under new proposals.

bitcoinist30 dk önce

US Senators Press Bank Regulators For ‘Fair’ Crypto Capital Rules

bitcoinist30 dk önce

Near Returns to the AI Stage: Transformation into a Public Chain Due to 'Payroll Difficulties,' Agent and Privacy Emerge as New Growth Narratives

NEAR Returns to AI Origins: From Payroll Struggles to Blockchain, Now Focusing on AI Agents and Privacy NEAR Protocol's journey began not with grand blockchain ambitions, but from a practical hurdle: its AI startup founders, including Transformer paper co-author Illia Polosukhin, couldn't efficiently pay international developers in 2017. This led them to pivot and build a high-performance, scalable blockchain. After years navigating various crypto narratives like sharding and cross-chain interoperability, NEAR is now leveraging its AI roots to re-enter the AI arena. A key driver is its "NEAR Intents" layer, which abstracts complex cross-chain transactions. Users simply state their goal (e.g., swap BTC for ETH), and a solver network finds the optimal route. This system has processed over $20B in cross-chain volume, generating significant fee revenue. A major growth area is private transactions via "Confidential Intents/Swaps," which hide trade details until settlement to protect against MEV and front-running. Remarkably, private swaps recently accounted for over 40% of NEAR's transaction volume, highlighting strong demand but also potential regulatory scrutiny. With its AI-founder pedigree, NEAR is positioning itself at the intersection of blockchain, AI agents, and privacy, aiming to become infrastructure for the emerging agent economy while navigating the challenges of its rapid adoption.

marsbit2 saat önce

Near Returns to the AI Stage: Transformation into a Public Chain Due to 'Payroll Difficulties,' Agent and Privacy Emerge as New Growth Narratives

marsbit2 saat önce

From Ethereum to AI's 'CROPS': What Exactly is This Set of 'Slow Variables' That Vitalik Repeatedly Emphasizes?

In recent discussions, Vitalik Buterin has frequently emphasized the concept of "CROPS," a framework defining core values for Ethereum's development. CROPS stands for Censorship Resistance, Capture Resistance, Open Source, Privacy, and Security. Initially outlined in the Ethereum Foundation's "EF Mandate," it represents a commitment to user sovereignty, ensuring that the network resists external control, remains open, protects privacy, and prioritizes security. The relevance of CROPS extends beyond Ethereum's foundational principles, becoming crucial in the context of AI integration. As AI agents begin handling wallet operations and automated transactions, the risk increases that users may cede control over their digital assets, privacy, and intentions to centralized AI service providers. A "CROPS AI" would therefore emphasize local execution where possible, privacy-preserving remote model calls (e.g., using zero-knowledge proofs), and transparent, verifiable processes to maintain user agency. Vitalik highlights a significant convergence between "CROPS Ethereum access layer" and "CROPS AI." Both address the same fundamental challenge: how users can access powerful services—be it blockchain data via RPCs or AI models—without exposing sensitive information or relinquishing ultimate control. This intersection points toward a future digital entry point that is more private, secure, and user-controlled. Ultimately, CROPS is not merely an abstract ideal but a practical guidepost. It steers development—from protocol resilience and wallet design to AI agent safety—towards a future where users retain self-sovereignty even as digital systems grow more complex and powerful. In an era of accelerating AI adoption, these "slow variables" of censorship resistance, openness, privacy, and security may define Ethereum's enduring value.

marsbit3 saat önce

From Ethereum to AI's 'CROPS': What Exactly is This Set of 'Slow Variables' That Vitalik Repeatedly Emphasizes?

marsbit3 saat önce

İşlemler

Spot

Futures