Simply put
- The entrepreneur from the Bronx alleges that former NYC Mayor Eric Adams copied the concept for the New York Token.
- A pitch deck he shared appears to echo Adams’ recently launched project, introduced on Monday.
- An Adams spokesperson claimed that no funds were “withdrawn” as the token’s value surged immediately after its launch.
A Bronx-based entrepreneur is preparing to send a cease-and-desist letter regarding Eric Adams’ NYC token, asserting that the former mayor has taken the idea without permission.
“I’m completely convinced he took this concept from us,” stated Edward Cullen, co-founder and CEO of Crescite, a digital asset firm, during a conversation with *decryption* on Tuesday. “We were really taken aback. [Adams] initiated this [token] They share the same name and similar concepts.”
This past Monday, the retired mayor promoted the NYC Token in Times Square, stating that the cryptocurrency would help raise funds to combat “anti-Semitism and anti-Americanism,” and provide educational resources for underserved communities in the city.
The value of Solana-based tokens rapidly increased to a market cap of $600 million but then saw a significant drop shortly after its launch. Reports suggest that nearly $1 million disappeared as someone associated with the token’s creation pulled liquidity from a Solana-based exchange.
An Adams representative mentioned that the market maker for the NYC token was merely shifting liquidity to facilitate smoother trading. They emphasized, “the team does not sell any tokens and follows lockup and transfer regulations.”
A revised statement insisted that “no money has been withdrawn from the account,” though they did not address inquiries regarding Cullen’s claims.
A part of the NYC Token will be set aside for its creator and “C18 Digital,” the entity managing the website. Records indicate C18 Digital, LLC was established on December 30.
Cullen, who now resides in Tennessee, mentioned that he presented the NYC token idea to Adams back in June. He noted that Crescite owns the domain for the NYC token and is in the process of trademarking it.
He expressed frustration not only about Adams allegedly taking elements of the project but also about how the mayor’s team didn’t fully embrace the idea. “We presented this as a chance to use digital assets to aid city residents and make things more affordable,” Cullen remarked. “It felt like they rejected it, but not completely.”
The pitch deck shared with *decryption* describes the NYC Token with a different logo and color scheme than Adams’ version. One slide explains how the token could generate a dedicated revenue stream for each of the city’s five boroughs.
Cullen stated that Crescite plans to market the NYC token through a private sale, setting aside half of the proceeds for high-yield investments, while allowing holders to influence how the remaining funds are allocated.
The political action committee “Innovation NY,” led by Karen, has spent considerable sums supporting Andrew Cuomo and campaigning against Adams. They’ve highlighted support for the NYC token as part of their policy agenda, and the term “NYC Token” has been trademarked.
Cullen, who ran against Adams in the 2021 mayoral election but didn’t seek the Democratic nomination, had promoted the idea of inclusive capitalism during his campaign.
In October, BitGo announced collaboration with Crescite to explore a “faith-based digital asset initiative,” which could potentially lead to the creation of a stablecoin for funding church operations.
Last year, Karen received a knighthood from the Catholic Church in a ceremony led by Cardinal Timothy Dolan. Interestingly, “Crescite” is a Latin term found in the book of Genesis.
