Allegations of Concept Theft
Former New York City Mayor Eric Adams is facing new allegations of misappropriating a concept from a cryptocurrency startup. A Bronx-born entrepreneur claims he is preparing to issue a cease-and-desist letter to the creators of NYC Token, a project endorsed by Adams.
NYC Token is a cryptocurrency project built on the Solana blockchain. Its stated purpose is to generate funding for social and civic initiatives specifically tied to New York City.
Edward Cullen, co-founder and CEO of the digital assets firm Crescite, has alleged that the NYC Token project promoted by Adams was based on a concept he had previously presented to Adams' team. This claim was reported by Decrypt on January 13.
“We’re 100% confident that he took this concept from us,” Cullen stated.
“We were absolutely shocked that [Adams] launched this token with the same exact name and the same general concept.”
Adams-Backed Token Launches and Plunges
Adams appeared in Times Square on January 12 to publicly endorse NYC Token. He stated that the token would generate revenue to combat "antisemitism and anti-Americanism" and to fund educational resources for underprivileged communities in New York City.
Following its launch, the token experienced a brief surge, reaching a market capitalization of approximately $600 million. However, it subsequently experienced a sharp decline.
At the time of reporting, the token's 24-hour market volume had decreased by 96.96%, and its valuation was hovering near $683,038.66, according to data from CoinMarketCap.
This rapid price drop ignited controversy after blockchain data revealed that a wallet associated with the token's creation had withdrawn liquidity from a Solana-based decentralized exchange, reportedly netting nearly $1 million.
Cullen Claims Prior Pitch to Adams' Team
Cullen, who currently resides in Tennessee, asserts that he pitched the concept of an "NYC Token" to Adams and several political action committees in June 2025, several months before the project's public debut.
He also stated that Crescite owns the domain nyctoken.com and has initiated steps to trademark the name.
According to Cullen, Adams' team did not outright reject the proposal at the time of the pitch, although they did not actively pursue it either.
“They kind of shot it down, but kind of not really,” Cullen commented. “What bothers me more is that the project was butchered.”
It is noted that Cullen had previously run against Adams in the 2021 New York City mayoral race. While he did not appear on the Democratic primary ballot, Adams ultimately won that election.
In a statement provided to Decrypt, a spokesperson for Adams addressed the situation. The spokesperson stated that the project's market maker had "moved liquidity" as a strategic measure to maintain orderly trading conditions.
“The team has not sold any tokens and are subject to lockups and transfer restrictions,” the spokesperson clarified.
In a subsequent statement, the spokesperson reiterated: “THE TEAM HAS NOT WITHDRAWN ANY MONEY FROM THE ACCOUNT.”
The spokesperson did not provide responses to specific questions concerning Cullen's allegations.
Pitch Deck Outlines Alternative Vision
A pitch deck shared with Decrypt showcases a proposed NYC Token with distinct branding and a structural framework designed to allocate revenue streams across New York City's five boroughs.
Under Crescite's proposed model, the token would have been distributed through a private sale. Half of the proceeds were slated for allocation to yield-generating assets. The remaining funds were intended for venture investments, with token holders empowered to vote on capital allocation decisions.