If you’re unfamiliar with the disgraced New York City mayor in question, we’re talking about the outgoing mayor Eric Adams. This is what Adams told the world yesterday:
Amid the Times Square sideshows, Eric Adams announces his “NYC Token,” a crypto coin he says will fight antisemitism.
“I’m not taking a salary at this time,” he said of the yet to be launched coin. “Down the line, we will make the determination of doing so” pic.twitter.com/KnTTdTv6y1
— Josie Stratman (@JosieStratman) January 12, 2026
In a predictable turn of events, Adams immediately ‘rugged’ the coin, seemingly making a killing:
Eric Adams has now drained over $3,400,000 from the liquidity pool of his memecoin: it’s now a rug-pull
funny enough, his networth was only $2,000,000 pic.twitter.com/bcNMDbnmrE
— Rune (@RuneCrypto_) January 12, 2026
Disgraced former NYC mayor
Adams faced many accusations of corruption in his time as mayor, with his links to Turkey being the most prominent, as New York Focusreported:
Eric Adams once maintained friendly relations with a nonprofit Turkish Cultural Center in Brooklyn. As a state senator, he met with its executive director in Albany. He attended the group’s annual dinner gala. As Brooklyn borough president, he worked with the center to distribute 1,500 pounds of meat to food pantries.
But around 2016, he suddenly stopped associating with it.
By that year, Adams had started accepting free travel from groups tied to the Turkish government, according to a criminal indictment against the mayor brought last week by the US Attorney for the Southern District of New York. A senior Turkish diplomatic official told Adams that if he wanted to keep receiving those kinds of perks, he could no longer associate with the center, according to the indictment, which accuses Adams of bribery, wire fraud, conspiracy, and soliciting illegal foreign campaign contributions.
- Soliciting and accepting illegal campaign contributions (2018-2023):
– Accepting straw donations from Turkish businesspeople and their employees
– Soliciting and accepting contributions from foreign nationals
– Orchestrating schemes to funnel foreign money through…— chris evans (@notcapnamerica) September 26, 2024
The above thread goes on and on, by the way, because Adams was a very busy boy.
What Adams lacked in honesty or competence, he attempted to make up for with ‘swag’. This was fully on display in the anti-rat video below (the account says ‘Zohran Mamdani’ because the mayoral twitter account is passed down like the Downing Street cat):
Rats don’t have swag.
New Yorkers have swag.
If you don’t have swag, gtfo our city. pic.twitter.com/7cRiokCzqb
— Mayor Zohran Kwame Mamdani (@NYCMayor) June 29, 2025
Adams may have been dodgy as hell, but he did enjoy support from Israel – often saying strange things like “I served you as mayor” despite their ongoing genocide:
New York Mayor Eric Adams said on his visit to Israel that he “wanted to come back here to Israel and let you know that I served you as mayor.”
Follow: @AFpost pic.twitter.com/oMVtldvTTi
— AF Post (@AFpost) November 17, 2025
In light of his rug pull, many are now saying the following:
BREAKING: Former NYC mayor Eric Adams is a confirmed antisemite.
Rugpulled his own coin meant to fight antisemitism https://t.co/d8x3xaES7g pic.twitter.com/Hn4rnlAGus
— haeju.eth (@JeongHaeju) January 13, 2026
But what is a ‘rug pull’?
Rugged
If you’re unfamiliar, Coin Base describe a ‘rug pull’ or ‘rug’ as follows:
A rug pull is a scenario in the cryptocurrency space.
It involves a team raising assets from the public by selling a token, only to abruptly shut down the project or disappear, taking the raised assets with them. This leaves the participants, or rather, their victims, with worthless tokens.
Rug pulls can be extensively orchestrated, with bad actors leveraging various strategies to lure as many victims as possible. Some scams even use trusted figures to gain trust, while others promise extremely high returns or offer exclusive digital goods.
Given the chain of events, it’s pretty much undeniable that Adams rugged:
+$3,400,000 in 30 minutes https://t.co/V2ZMPxcsAX pic.twitter.com/67XOAVjqul
— Rune (@RuneCrypto_) January 12, 2026
If you’re shocked that a prominent US politician would openly commit such an obvious scam, don’t be. This goes way higher than Adams:
Trump coin is going to be the biggest rug pull in history, and the biggest disaster. It’s actually a horrible nightmare and very sad.
It’s just a dirty Fiat game.
It’s still a zero sum game and people will only win here at the expense of others.
FAFO. pic.twitter.com/zgEX5iaC2J
— Noah Kaufman, MD (@noahkaufmanmd) January 18, 2025
In addition to pulling his own alleged scams, Trump has ensured that his Department of Justice ignore what’s going on in the crypto space:
Trump has directed the Department of Justice to stop pursuing crypto fraud, dismantling the National Cryptocurrency Enforcement Team and ordering the Market Integrity and Major Frauds Unit to cease cryptocurrency enforcement.
— Molly White (@molly0xFFF) April 8, 2025
Trump has also pardoned the most prominent crypto criminals:
TRUMP PARDONS CONVICTED BINANCE FOUNDER CZ PER WSJ
CRIME IS LEGAL.
pic.twitter.com/PFslTkckWq
— Coffeezilla (@coffeebreak_YT) October 23, 2025
Coffeezilla, by the way, is one of the best resources on this topic:
We’re not free from the influence of this white collar crime epidemic in the UK either:
Yep, nothing but deregulating crypto to help his crypto business and scrapping net zero to help his aviation fuel business. Which by pure coincidence are two of our policies. pic.twitter.com/Ijm7QUH9EF
— Parody Nigel Farage (@Parody_PM) December 6, 2025
Did it work?
Of course, the real question isn’t whether former NYC mayor Adams rugged his supporters; it’s whether in doing so, he actually managed to “fight antisemitism”.
The early signs are ‘no’, probably not.
Featured image via X
By Willem Moore
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