Crypto coin peddled by Eric Adams denies allegations of ‘rug-pull’ scam

NYC Token, which hit market on Monday, surged to $580m and then rapidly plummeted as firm denies wrongdoing

The cryptocurrency launched by New York City's former mayor Eric Adams is already in hot water, and now the company behind it is being forced to defend itself from accusations that it scammed people.

Investors and cryptocurrency watchers say the asset, dubbed NYC Token, surged to about $580m shortly after it hit the market on Monday and then rapidly plummeted in value. Observers speculated that someone behind the scene may have carried out what's known in the crypto world as a rug pull" - when the creators of the asset quickly sell their investments.