The NYC token launched by former New York City Mayor Eric Adams has raised concerns. On-chain data shows that $3.4 million worth of funds have flowed out of the token's liquidity pool, sparking speculation that the project may be withdrawing funding. The token's market cap briefly exceeded $700 million before plummeting below $100 million, currently standing at approximately $128.8 million. Analysts such as Bubblemaps have pointed out that the token's liquidity activity is suspicious and that there is a severe centralization issue, with the top five wallets holding over 92% of the token supply. The project team stated that this liquidity movement is part of a "rebalancing process."