Former New York City mayor Eric Adams has launched a new cryptocurrency called NYC Token, claiming it will help combat antisemitism and support historically Black colleges and universities. Adams announced that profits from the coin would be directed to a nonprofit organization funding groups fighting antisemitism, though details about the asset's practical use and business model remain unclear. The coin's value surged immediately after its public offering but quickly dropped by eighty percent, raising concerns about a possible 'rug pull' scam after a developer-linked user sold a large amount of the coin. NYC Token's team acknowledged the liquidity issues and stated their commitment to the project, while some funds have since been returned to the exchange. Adams, known for his support of cryptocurrency and ties to Jewish communities, emphasized the coin's role in promoting blockchain education and social causes.