Former New York City Mayor Eric Adams is facing a lot of heat today after his high-profile launch of a new cryptocurrency, dubbed the NYC Token, crashed within hours of launching. Adams launched the token on Monday, but the coin lost 80% of its value within a couple hours. 

Adams unveiled the Solana-based token at a Times Square event on Monday, promoting it as a tool to generate funding for social causes including the fight against antisemitism and “anti-Americanism,” as well as blockchain education and student scholarships.

Eric Adams told Fox Business that proceeds would support nonprofits like Combat Antisemitism and historically Black colleges and universities without…

Read more on BitcoinMagazine