Eric Adams is at present the goal of criticism after saying a memecoin that peaked at $580 million in worth, which plummeted 80% in a matter of minutes. On-line, observers are suggesting that Eric Adams carried out a so-called “rug pull” rip-off to pocket tens of millions earlier than dumping the memecoin.

Eric Adams’ identify was trending on X on Tuesday (January 13), referencing the previous New York mayor’s announcement of the $NYC memecoin. Adams launched the coin in Occasions Sq. throughout a press convention, this after beforehand hinting late final 12 months that the coin can be used to “go after violence, educate our youngsters and cope with antisemitism,” with Adams later explaining that the funds can be distributed amongst a number of organizations.

Simply hours after the Solana-based token went dwell, traders noticed the worth of $NYC attain $580 million, which later tanked after Adams, or somebody linked to him, reportedly pulled his funding into the coin to the tune of tens of millions, if stories are correct. In consequence, X accounts that watch the cryptocurrency market are framing Adams’ actions as a “rug pull,” basically a rip-off to balloon the worth of the coin and get out earlier than it tanks in worth.

The @RuneCrypto_ account on X was the primary to border Adams’ actions as a rug pull and broke down the numbers through a chart. This prompted others within the area to chime in on Adams and the alleged rug pull scheme.