The NYC project team withdrew over $1 million by cycling USDC, causing the market cap to drop from $600 million to below $100 million.
According to ChainCatcher, Bubblemaps monitoring has detected suspicious liquidity provider (LP) activity related to 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 the liquidity pool. The market capitalization of NYC once reached $600 million, but later dropped below $100 million.
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