PANews reported on January 13th that, according to Bubblemaps, an address injected funds into and purchased $NYC from Kraken 10 minutes before the contract announcement, suggesting an insider. Despite initially showing a profit of $250,000, the account ultimately suffered a loss of $477,000 due to the failure to sell in time. $NYC, launched by former New York City Mayor Eric Adams, reached a peak market capitalization of $600 million, but the team subsequently removed $2.5 million in liquidity, causing the price to plummet by 70%.