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NYC Project Team Extracts Over $1 Million by Trading USDC in Liquidity Pool, Market Cap Drops Below $100 Million from $600 Million
Summary: According to reports, suspicious liquidity provider (LP) activity has been detected in the NYC token launched by former New York City Mayor Eric Adams. The project team extracted over $1 million by circulating USDC in the liquidity pool. The market cap of NYC had reached $600 million, but has since dropped below $100 million. The ...
According to reports, suspicious liquidity provider (LP) activity has been detected in the NYC token launched by former New York City Mayor Eric Adams. The project team extracted over $1 million by circulating USDC in the liquidity pool. The market cap of NYC had reached $600 million, but has since dropped below $100 million. The wallet 9Ty4M (9Ty4...) associated with the NYC deployer created a one-sided LP on Meteora, removing around $2.5 million USDC at the price peak and adding back around $1.5 million USDC after a 60% price drop.
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Link: NYC Project Team Extracts Over $1 Million by Trading USDC in Liquidity Pool, Market Cap Drops Below $100 Million from $600 Million [Copy]
