Former Mayor Eric Adams Hijacked 'NYC Token' Concept, Startup Claims
Edward Cullen, CEO of Crescite, alleges that Eric Adams stole the concept and name of “NYC Token” from him, stating that he pitched the idea to Adams in June. Adams recently promoted the Solana-based cryptocurrency in Times Square, claiming its purpose is to fight antisemitism and support underprivileged communities, but the token’s value crashed shortly after launch amid allegations of misconduct. Blockchain records indicate that someone with access to the project’s creation wallet withdrew nearly $1 million by removing liquidity, though Adams’ spokesperson denied any wrongdoing by the team, stating no money was withdrawn personally and that tokens are under lockup restrictions. Cullen asserts that Crescite owns “nyctoken.com,” has taken trademark steps, and that his proposal involved using token proceeds to benefit city residents. Cullen, who previously ran against Adams for mayor, is preparing a cease-and-desist letter and criticizes how Adams handled the project. The official NYC Token account’s European base and the involvement of C18 Digital, set up in Delaware, add to questions about the project’s transparency.
