Former New York City Mayor Eric Adams launched a new cryptocurrency called NYC Token on January 12. The token immediately spiked and then collapsed after an account linked to the token withdrew $2.5 million. Adams, a longtime crypto enthusiast, now faces accusations that the launch was a “rug pull”: a common crypto scam where insiders hype a token and then quietly cash out. NYC Token’s Launch And Collapse Within minutes of going live, the token, built on the Solana blockchain, reached a market value of $600 million. The New York