Fresh off trips to Dubai and the Democratic Republic of Congo, the now jobless ex-mayor of New York City was back in Times Square on Monday to announce his first initiative as a private citizen: a new cryptocurrency coin that would also serve to beat back antisemitism and “anti-Americanism.”
“We’re about to change the game,” he promised, without describing how, exactly, the digital asset would support those lofty ambitions. “This thing is going to take off like crazy.”
But after surging to a nearly $600 million valuation within minutes of its launch, the new coin, dubbed NYC Token, went into free fall, losing nearly 75% of its value by that evening. The drop came after an account linked to the token’s creation withdrew $2.5 million worth of coins, according to the crypto-analytics firm Bubblemaps.
Around $1.5 million was later returned, the firm said, though by then investor confidence had collapsed. To some cryptocurrency experts, the rollout had all the hallmarks of a “rug pull.” The scheme — prevalent among celebrity-linked meme coins — involves insiders hyping an asset then quickly dumping their stakes, saddling amateur investors with deep losses.
Advertisement
Others have suggested that Adams and his inexperienced team were themselves duped by savvier investors, who took advantage of a sloppy launch.
News 4
News 4
Former Mayor Eric Adams launches “NYC Token” from Times Square, a cryptocurrency he claims will fund efforts to fight antisemitism.
Advertisement
The debate has found Adams back in a mode of damage control that defined so much of his one-term mayoralty: denying misconduct, attacking the press and facing scrutiny about the competence of his inner circle of loyalists.
Through a former campaign spokesperson, Adams has released multiple statements in recent days clarifying that he had not profited off the token and had not moved investor funds, calling reports otherwise “false and unsupported by evidence.”
“Like many newly launched digital assets, the NYC Token experienced market volatility,” the spokesperson, Todd Shapiro, said Wednesday. “Mr. Adams has consistently emphasized transparency, accountability, and responsible innovation.”
A machine lawyer and an Israeli hotelier
Despite claims of transparency, Adams has so far declined to reveal his partners in the token.
But two people close to the project confirmed that Frank Carone, Adams’ former chief adviser and one-time lawyer for the Brooklyn Democratic Party, was closely involved in the launch. The two people spoke to The Associated Press on condition of anonymity because they had been asked not to disclose the identities of people involved in the token’s creation.
Advertisement
One of Carone’s former clients, Yosef Sefi Zvieli, a real estate investor linked to several Israeli hotels, was also part of its creation, Shapiro confirmed to The Associated Press.
Zvieli, whose involvement was first reported by Business Insider, previously owned a college dorm in Brooklyn, which drew complaints from students of filthy conditions and neglect. After defaulting on his mortgage, Zvieli hired Carone as his attorney and was able to turn the troubled property into a city-financed homeless shelter.
Their exact role in the token launch was not immediately clear, though at least part of Zvieli’s job involved reaching out to influencers ahead of the debut. Neither he nor Carone appeared to have direct experience in cryptocurrency. Messages left with the two men were not returned.
As questions around the launch swirled this week, Adams sought guidance from Brock Pierce, the billionaire crypto investor, and former “Mighty Ducks” child actor, whose private jet he sometimes used as mayor.
After looking into the project, Pierce said he was confident that “no one has run off with anyone’s money.”
Advertisement
Though he described himself as Adams’ “crypto adviser,” Pierce said he was only made aware of the project after its launch. “Had I been consulted, I would’ve put together a team of more qualified people who knew what they’re doing,” he added.
Political-coin instability
Even within the largely unregulated world of meme coins, experts say projects promoted by politicians are especially prone to unsavory trading practices.
The president of Argentina, Javier Milei, has faced fraud allegations for his own crypto promotion, which drew thousands of investors before swiftly collapsing. Coins launched by President Donald Trump and his wife, Melania Trump, also saw significant price fluctuations upon release.
The number of accounts that invested in NYC Token were far less than those ventures, totaling just over 4,000 as of Thursday, according to Nicolas Vaiman, the founder of Bubblemaps, which conducted an analysis of publicly available trade records.
Roughly 80% of those accounts had bought in during a 20-minute period before Adams had announced the coin but after it was made available for purchase, the analysis found. The window, Vaiman said, provided an advantage to insiders involved in the launch and other traders who pay close attention to new tokens.
Advertisement
“Political coins are driven purely by attention, and the crypto community is aware that attention peaks right after the launch,” Vaiman said. “People know you don’t want to stick around, especially for such a vague prospect, like fighting anti-Americanism or antisemitism. What does it even mean? How are you going to achieve that in a token?”
The website for the coin says a “portion of the proceeds” will be divided evenly among three causes: antisemitism and anti-Americanism “awareness campaigns,” crypto education for the city’s youth and a scholarship initiative.
It does not detail which organizations will be supported, or what percentage of the proceeds will go toward charitable causes.
Uncertain fate
Adams has disputed that any money had been pulled by the token’s creators.
He has said the appearance of withdrawals were the result of adjustments made by the designated market maker, an entity that buys and sells orders of a new token to ensure traders can make purchases without major price shifts.
Advertisement
The market makers include FalconX, a well known digital asset broker. The company declined to respond to inquiries on the record.
As of Wednesday, a majority of accounts that invested in the coin had lost money, according to the Bubblemaps analysis. Fifteen traders were down at least $100,000, while 10 had netted $100,000.
Pierce said he was still hoping the project could be salvaged, adding that “the fate and outcome of this project will be determined in the coming days.”
But some in the crypto world had their doubts.
“It could be a legitimate project with just a really bad rollout,” said Benjamin Cowen, the founder of another crypto research analytics firm, Into the Cryptoverse. “But the way it was launched didn’t instill a lot of confidence. It’s hard to regain trust in the crypto community.”
Robert Kiyosaki said a manuscript shared by Jim Rickards changed how he views global finance.
Kiyosaki warned commonly held financial assets could face pressure as financial rules shift across markets.
His claims remain warnings, with evidence and future market developments still central.
Why Did One Manuscript Change Robert Kiyosaki’s View?
Robert Kiyosaki, the author of the best-selling personal finance book Rich Dad Poor Dad, said an advance manuscript of “The Entropy Trap” shared by Jim Rickards prompted him to rethink how he views global finance. Rickards is an economist, lawyer, and financial commentator known for writing about currencies, debt, and systemic market risk. Kiyosaki said the early reading changed his perspective on where the financial system may be headed.
The reaction was framed around a warning about financial change. The book, written by Mickey M. Maini, “blew my mind and opened my eyes to what & why global financial change is coming,” Kiyosaki described. His comments focused on what he described as a shift in the rules behind wealth, assets, and trust.
The central claim is that wealth could move away from people relying on traditional financial assumptions. Kiyosaki asserted:
“The informed will be tomorrow’s ULTRA RICH. Todays uniformed operating by the old rules of money… will become the new poor.”
The Warning Behind the Claim
The warning centers on assets that depend on trust, including U.S. bonds, exchange-traded funds (ETFs), and mutual funds. Kiyosaki framed those instruments as vulnerable under the financial shift he says is coming, placing commonly held investment products at the center of the risk.
That claim is severe, but he presented it as a warning rather than a proven outcome. He also pointed to large bondholders, including Japan, saying they have already started dumping U.S. bonds. He did not provide supporting data in the statement.
The acclaimed author shared:
Advertisement
“Message from book… ‘All assets that require trust, assets that most people have… such as U.S. bonds, ETFs, mutual funds will be flushed down toilets, all over the world.’”
The broader conflict is whether traditional financial assets remain reliable under the conditions Kiyosaki described. His framing divides investors between those preparing for a changed financial system and those still operating under assumptions he says may no longer hold.
What Still Needs to Be Proven
A planned August study session could clarify the warning Kiyosaki described. He said his study team would examine the message and that Rickards may join, though the evidence behind the claims has not yet been laid out.
For now, the warning rests on Kiyosaki’s account of a manuscript that changed his view. He urged readers to prepare, writing:
“I want you to be one of the world’s new rich.”
What remains unknown is whether market data, policy moves, or investor behavior will confirm the risk he described.
His recent commentary has focused on what he describes as fragility in the global monetary system, particularly around the U.S. dollar. He has pointed to rising debt, central bank policies, and inflation as risks that could trigger a sharp market downturn.
Advertisement
Alongside those concerns, he has repeatedly highlighted bitcoin, gold, and silver as alternative stores of value. In his view, those assets may help reduce exposure to traditional financial instruments during periods of currency weakness and market turbulence.
Strategy Is No Longer Just Going to “Inoculate the Market,” Selling Crypto May Be Much More Common. Here’s What That Could Mean for the Stock | The Motley Fool
When Strategy (MSTR 0.69%) sold a modest amount of Bitcoin earlier this year, it was a noteworthy development given that the company’s business has centered around buying up as much of the cryptocurrency as it can, and vowing to never sell. And it often boasts of being the largest corporate holder of the digital currency.
The company brushed off the sale of 32 Bitcoins, with management saying it simply wanted to “inoculate the market.” Well, now it appears that Strategy is doing much more than just that, and there could be more significant cryptocurrency sales in the future.
Image source: Getty Images.
Strategy unveils a Bitcoin monetization program
On June 29, Strategy released a framework going forward that it says will “enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation for shareholders.” Among the notable components is its Bitcoin monetization program.
Within that program, the company says it may sell some of its cryptocurrency holdings for multiple reasons, including to fund a USD reserve, fund dividends or interest expense, or to fund repurchases of digital credit securities or common stock.
Advertisement
While the company says it remains committed to Bitcoin for the long term and it’s the company’s “primary treasury reserve asset,” it’s a significant change of course for Strategy, which was previously heavily against ever selling the digital asset.
Today’s Change
(-0.69%) $-0.69
Current Price
$100.08
Key Data Points
Market Cap
Advertisement
$35BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Day’s Range
$96.97 – $102.19
52wk Range
$81.81 – $457.22
Volume
Advertisement
248.6K
Avg Vol
21.3M
Gross Margin
68.11%
Advertisement
The stock is as risky and volatile as ever
Whether or not Strategy buys or sells Bitcoin doesn’t change the fact that this is a highly risky and speculative stock to own. While crypto fans may be disappointed in the company’s change in strategy, selling Bitcoin will likely not be enough to make the business any better or worse as an investment.
In just the past 12 months, the stock has plummeted a whopping 75% as volatility in digital assets has drastically weighed on its earnings, with the company incurring $12.8 billion in losses over the trailing 12 months, on revenue of $490 million.
That’s not likely to change significantly, even if Strategy offloads some of its crypto holdings, because with such a large exposure to Bitcoin, how the cryptocurrency performs will inevitably impact the company’s bottom line in a big way. This year, the leading cryptocurrency is down 28% as investor excitement around it has largely cooled off, which has proven disastrous for Strategy’s stock as well. And at this stage, there’s little reason to anticipate a recovery anytime soon.
WiFi slows most on 2.4 GHz during 8-10 AM and 6-10 PM as nearby networks compete.
Bluetooth devices and microwaves can disrupt 2.4 GHz; 5 GHz or 6 GHz may improve speeds.
WiFi 6E and WiFi 7 users can reduce congestion by switching channels and moving routers centrally.
Your WiFi can feel rock-solid at midnight and oddly sluggish by breakfast, even when you have not touched a single setting. The culprit is often outside your walls: a crowded slice of public radio spectrum where your router has to negotiate space with every nearby network, plus a grab bag of household gadgets that leak interference. Add peak-hours demand and the signal-blocking quirks of building materials and weather, and “slow internet” starts to look less like a billing issue and more like an invisible traffic problem you are forced to share.
When WiFi slows down without warning
One day your home WiFi feels snappy, the next it drags, even though your router hasn’t moved and your internet plan hasn’t changed. That swing is real, and it’s usually not your imagination or a “bad day” from your ISP. WiFi lives on shared airwaves, and those airwaves get crowded, noisy, and sometimes just plain finicky.
Think of your connection as a conversation in a busy room. Your laptop and router may be talking just fine, but the room itself can fill up fast with other chatter. What looks like a mystery slowdown is often the result of invisible competition and interference that changes hour by hour.
The battle of competing networks
Most homes still rely heavily on the 2.4 GHz and 5 GHz WiFi bands, which are unlicensed spectrum in the US. That “free for everyone” reality is convenient, but it also means your network shares space with your neighbors, their smart TVs, their work laptops, and every nearby router doing the same thing.
Congestion has a rhythm. During common work-from-home and school-from-home windows, especially 8-10 AM, and again in the evening 6-10 PM, more devices are streaming, video calling, syncing, and downloading updates. Even if you pay for fast broadband, your WiFi link can become the bottleneck when the local radio environment gets packed.
Interference inside your home
Your own house can sabotage you. A microwave is the classic culprit because it can leak noise near 2.4 GHz, exactly where many WiFi networks still operate. Older cordless phones, some baby monitors, and even dense clusters of Bluetooth gadgets can add more clutter, especially in smaller apartments where everything sits close together.
Advertisement
Then there’s physics. Concrete, metal, and even water (think aquariums or thick pipes in walls) absorb and scatter radio signals. A router shoved behind a TV, tucked into a cabinet, or stuck in a far corner forces your devices to “hear” through more obstacles, lowering speeds and making dropouts more likely.
Weather, channels, and what you can do tonight
Environmental changes can matter too. Higher humidity and rain can slightly increase signal loss, and shifting temperatures can change how radio waves propagate around a neighborhood. You might never notice on its own, but paired with congestion it can tip a marginal connection into a frustrating one.
The 2.4 GHz band is also channel-limited. In the US there are 11 channels, but only 1, 6, and 11 don’t overlap. Many routers default to “auto channel,” so nearby networks can hop around trying to escape interference, sometimes creating instability. Practical fixes: prefer 5 GHz (or 6 GHz if you have WiFi 6E/7 gear), place the router centrally and higher up, and use a WiFi analyzer app to pick a less crowded channel instead of leaving it on auto.
