TechFlow reports that on January 13, according to Bubblemaps monitoring, a wallet suspected of being linked to an insider purchased the $NYC token just 10 minutes before the official announcement by New York City's former mayor Eric Adams. However, the wallet ultimately incurred a loss of $477,000.
The wallet had just received funds from the Kraken exchange prior to trading and at one point held $250,000 in unrealized gains. However, due to prolonged holding and panic selling during the token's price crash, it suffered substantial losses.
Bubblemaps data shows that $NYC began trading at 10:27 UTC, but the contract address was not publicly announced until 10:48 UTC, leaving a 20-minute window for early purchases. The token once reached a market capitalization of $600 million but later dropped 70% in price after the project team withdrew $2.5 million worth of USDC from the liquidity pool.
