New York, New York - Former New York City mayor Eric Adams is under fire after the value of a meme cryptocurrency he launched collapsed, leading to scam accusations.

According to the Guardian, the coin, known as NYC Token, surged to around $580 million after it hit the market on Monday, then rapidly dropped to under $100 million within hours.

Observers also discovered that Adams had removed his initial investment 30 minutes after the launch.

The chain of events sparked allegations of what the crypto community calls a "rug pull" – which is when creators of a coin quickly sell their shares after the launch, in an effort to capitalize on its initial popularity.

Donald Trump Trump set to attend World Economic Forum in Davos next week alongside "largest US delegation ever"

Analysis by the analytic website Bubblemaps found that shortly after being unveiled, the coin's liquidity was "seeded and withdrawn in unusual patterns," and wallets purchased "large amounts," which were then "moved funds into and out of pools rapidly."

The site noted the "timing and size of these movements suggest some level of pre-planned activity."

Adams, who has not commented publicly on the matter, has been a longtime supporter of cryptocurrencies. In an X post on Monday, he said his coin was "built to fight the rapid spread of antisemitism and anti-Americanism across this country and now in New York City."

In a statement, NYC Token said they were "aware" of the reports, but argued the "overwhelming support and demand" for the token forced their partners to "rebalance the liquidity."