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The NYC project team withdrew over $1 million via USDC, causing its market capitalization to drop from $600 million to under $100 million
Svmuu News: According to monitoring by Bubblemaps, suspicious liquidity provider (LP) activity has been detected in the NYC token launched by former New York City Mayor Eric Adams. The project team withdrew over $1 million by repeatedly transferring USDC in and out of the liquidity pool. NYC’s market cap once reached $600 million but has since fallen below $100 million. The wallet 9Ty4M (9Ty4...), associated with the NYC deployer, created a one-sided LP on Meteora. This address withdrew approximately $2.5 million in USDC at the price peak and re-deposited approximately $1.5 million in USDC after the price dropped by 60%.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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