Former New York City Mayor Eric Adams has been accused of stealing the NYC Token cryptocurrency concept from Crescite CEO and entrepreneur Edward Kullen. Kullen claims that he proposed the idea of "NYC Token" to Adams' team in mid-2025 and is preparing to send a cease and desist notice. This Solana-based token, supported by Adams and used to fund municipal projects, once soared to a market cap of $600 million before plummeting over 96%. The controversy stems from an associated wallet removing liquidity from the token and profiting nearly $1 million. Adams' office stated that the move was to maintain trading order.
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Former New York City Mayor Eric Adams has been accused of stealing the NYC Token cryptocurrency concept from Crescite CEO and entrepreneur Edward Kullen. Kullen claims that he proposed the idea of "NYC Token" to Adams' team in mid-2025 and is preparing to send a cease and desist notice. This Solana-based token, supported by Adams and used to fund municipal projects, once soared to a market cap of $600 million before plummeting over 96%. The controversy stems from an associated wallet removing liquidity from the token and profiting nearly $1 million. Adams' office stated that the move was to maintain trading order.