Bubblemaps: NYC Project Team Extracts Over $1 Million Through Circular USDC Transfers

According to monitoring by Bubblemaps, suspicious liquidity provider (LP) activity has been detected for the NYC token launched by former New York City Mayor Eric Adams. The project team extracted over $1 million by repeatedly depositing and withdrawing USDC in a liquidity pool. The market capitalization of NYC once reached $600 million before subsequently falling below $100 million. A wallet related to the NYC deployer, 9Ty4M (9Ty4...), created a single-sided LP on Meteora. This address removed approximately $2.5 million USDC near the price peak and later re-added around $1.5 million USDC after the price had dropped by 60%.