The NYC project team extracted over 1 million dollars by circulating USDC, with the market value dropping from 600 million dollars to below 100 million dollars

According to monitoring by Bubblemaps, suspicious liquidity provider (LP) activity has been observed in the NYC token launched by former New York City Mayor Eric Adams. The project team extracted over $1 million by cycling USDC in and out of the liquidity pool. The market cap of NYC once reached $600 million, but subsequently fell below $100 million.

The wallet 9Ty4M (9Ty4…) associated with the NYC deployer created a unilateral LP in Meteora, removing approximately $2.5 million USDC at the price peak and re-adding about $1.5 million USDC after the price dropped by 60%.