Former New York City Mayor Eric Adams found himself in familiar territory this week: managing a crisis. His first major post-mayoral initiative, a cryptocurrency token launched to combat antisemitism and "anti-Americanism," spectacularly crashed within hours of its debut, wiping out millions in investor value and raising serious questions about its execution.
A Meteoric Rise and a Catastrophic Fall
On Monday, October 10, 2025, Adams stood in Times Square to announce the launch of the NYC Token. Fresh from international travel and now a private citizen, he promised the digital asset would "change the game" and "take off like crazy." For a brief moment, he appeared correct. The token's valuation skyrocketed to nearly $600 million minutes after it became available for purchase.
However, the triumph was short-lived. By that same evening, the token's value had plunged by a staggering 75%. The collapse followed analytics from the firm Bubblemaps, which reported that an account linked to the token's creation had withdrawn $2.5 million worth of coins. Although about $1.5 million was later returned, the damage to investor confidence was irreversible.
Familiar Faces and a Cloud of Secrecy
Adams, through a former campaign spokesperson, has vehemently denied any wrongdoing. Todd Shapiro stated that Adams "had not profited off the token" and called reports suggesting otherwise "false." He attributed the crash to typical market volatility for new digital assets.
Despite promises of transparency, Adams has not publicly named his partners. The Associated Press confirmed through anonymous sources that Frank Carone, Adams' former chief adviser and a powerful Brooklyn Democratic lawyer, was closely involved. Also confirmed was the involvement of Yosef Sefi Zvieli, an Israeli real estate investor with a controversial history involving a Brooklyn homeless shelter. Their specific roles remain unclear, and neither has direct cryptocurrency experience.
In the aftermath, Adams turned to billionaire crypto investor and former child actor Brock Pierce for advice. Pierce, who described himself as an adviser, stated he was only consulted after the launch and believed no one had stolen funds. He lamented, "Had I been consulted, I would've put together a team of more qualified people."
A Pattern of Political Crypto Instability
The debacle highlights the notorious risks within the world of celebrity and political meme coins. Experts note these projects are particularly susceptible to manipulation. The launch of NYC Token showed classic warning signs.
Analysis by Bubblemaps founder Nicolas Vaiman found that roughly 80% of the just over 4,000 investor accounts bought in during a critical 20-minute window after the token was live but before Adams publicly announced it. This gave an undeniable advantage to insiders and vigilant traders.
"Political coins are driven purely by attention," Vaiman explained. "People know you don't want to stick around, especially for such a vague prospect, like fighting anti-Americanism or antisemitism." The token's website promises a "portion of the proceeds" will go to awareness campaigns, crypto education, and scholarships, but offers no specifics on organizations or percentages.
An Uncertain Future and Lost Trust
As of mid-week, the Bubblemaps analysis showed a majority of accounts were holding losses, with fifteen traders down at least $100,000 each. Adams has blamed the apparent withdrawals on actions by the designated market maker, FalconX, which declined to comment.
The crypto community is deeply skeptical. Benjamin Cowen of Into the Cryptoverse noted, "It could be a legitimate project with just a really bad rollout. But the way it was launched didn't instill a lot of confidence. It's hard to regain trust."
While Brock Pierce hopes the project can be salvaged, the fate of NYC Token—and Eric Adams' foray into cryptocurrency—hangs in the balance, leaving investors to wonder if they witnessed a well-intentioned failure or a sophisticated scheme.
