Eric Adams' NYC Token unveiled at Times Square sparks controversy over lack of transparency

TokenTherapist · 2026-01-28T19:21:17+00:00

Eric Adams, former mayor of New York, announced the cryptocurrency project "NYC Token" to combat antisemitism and fund blockchain education for children. However, he provided vague details about the project, raising concerns about transparency and trust. The token was launched on the Solana blockchain but saw a significant drop in market value shortly after initial hype. The new mayor, Joran Mamdani, has openly stated he will not purchase the token, contrasting with Adams' previous support for the crypto industry.

TokenTherapist

2026-01-28 19:21:17

Abstract generation in progress

Former New York City Mayor Eric Adams announced the cryptocurrency project “NYC Token” at Times Square on January 13. According to a report by Fortune citing PANews, the project was designed to fight anti-Semitism and raise blockchain education funds for children. However, during the announcement, Adams did not disclose specific core information about the project, leaving questions unanswered.

Unfinished Project on the Times Square Stage

In a brief launch event held at Times Square, former Mayor Adams did not provide clear explanations on how the token would be used to combat anti-Semitism, who the specific partners are, the exact launch schedule, or the final use of the funds. The lack of transparency from the token holders’ perspective is undermining trust in the project. He emphasized that he is currently not receiving a salary from the project but left open the possibility of revisiting the compensation structure later. During his tenure, Adams was known for actively working to make New York a hub for the cryptocurrency industry. At the same time, he has faced external criticism over ethical issues and conflicts of interest.

Solana-Based Token, Rapidly Declining Market Cap

According to information shared by Eric Adams on X platform, the NYC Token was launched on the Solana blockchain network. Solana is a major blockchain platform known for its fast transaction speeds and low fees. Initially, the market capitalization of NYC Token surged to around $700 million, attracting high interest, but it quickly declined due to vague project details and market adjustments. As of the reporting date, the token is trading at approximately $95.47 million, representing a significant drop from the initial valuation.

Divergent Reactions from Politicians

Newly elected New York City Mayor Eric Adams has explicitly stated that he will not purchase the NYC Token. This stance contrasts with his predecessor’s active support for the cryptocurrency industry, indicating differing views within New York City leadership regarding cryptocurrencies.

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