“We’re 100% confident that he took this concept from us,” Edward Cullen, co-founder and CEO of digital assets firm Crescite, told Decrypt on Tuesday. “We were absolutely shocked yesterday that [Adams] launched this [token] with the same exact name and same general concept.”
In a statement to Decrypt, a spokesperson for Adams said NYC Token’s market maker “moved liquidity” as part of efforts to ensure a smooth trading experience. They added that “the team has not sold any tokens and are subject to lockups and transfer restrictions.”
In a revised statement, the spokesperson underscored, “THE TEAM HAS NOT WITHDRAWN ANY MONEY FROM THE ACCOUNT,” but they did not respond to questions about Cullen.
Late last year, Adams embarked on trips to Albania, Israel, and Uzbekistan in the twilight of his mayoral stint. As the token he promoted falls under increased scrutiny, onlookers have questioned why the official X account for NYC Token says it's based in Europe.
A portion of NYC Token’s supply is earmarked for its creators and “C18 Digital,” which also owns and operates the website. The entity, under “C18 Digital, LLC,” was formed on Dec. 30, according to a database maintained by the Delaware Division of Corporations.
Cullen claimed that Adams’ team had a lukewarm reception to the token’s concept, but they did not dismiss the concept entirely. He said he’s more upset by the notion that Adams “butchered the project,” as opposed to taking elements of it from him.
“We presented it as an opportunity to use digital assets to help the citizens of the city and make things more affordable,” Cullen said. “And they kind of shot it down, but kind of not really.”
A pitch deck shared with Decrypt details “NYC Token” under a different logo and color scheme compared to the project that Adams promoted. Another slide details how the token would be used to provide revenue streams dedicated to each of the city’s five boroughs.
Cullen said that Crescite planned to offer NYC Token through a private sale, with half of the proceeds diverted to yield-bearing assets. The remaining portion of the funds would go toward making venture investments, with holders having a say on allocations that are made.
In October, Innovate NY endorsed Cuomo for mayor. The organization, chaired by Cullen, said supporting NYC Token was a core part of its policy agenda. In a press release, the term “NYC Token” was trademarked.
