Former New York City Mayor Eric Adams is facing significant backlash following the spectacular collapse of the NYC Token shortly after its launch. The project, which aimed to create a digital asset tied to the city, unraveled rapidly, leaving investors and supporters questioning the viability of government-backed crypto initiatives. This incident serves as a stark reminder of the risks associated with political figures entering the cryptocurrency space without adequate due diligence or sustainable tokenomics. The fallout raises concerns about regulatory oversight and the credibility gap between political ambitions and actual blockchain implementation, signaling potential pitfalls for similar ventures in the future.