$NYC token collapsed Alongside New York Ex-Mayor

[Furball808]

Former Mayor of New York City launched a token called $NYC saying that this token will beat anti-americanism. However immediately after its launch, it dropped down. It gained a value of 600 million within minutes and just as fast dropped down 75%. A classic case of a rug pull. It just surprised me how such a famous person like a former mayor was involved in such. There is a debate whether the mayor was also just a victim or did he benefit from the rug pull?

One thing's for sure, this is another example of how tokens even if created or endorsed by well known people do not have the guarantee to be legit. It could be a politician or an ex one and we still need to be cautious of these altcoins.

[freedomgo]

is this the token you are referring? https://coinmarketcap.com/currencies/nyc-token/

I can see how hard it dumped, but I’m honestly curious how it even managed to get that kind of volume when it’s not listed on any major exchange.

I really don’t understand why people still fall for this stuff. Instead of putting money into tokens like this, they’d be better off investing in Bitcoin or at least established altcoins that have been around for years and already proved themselves.