To understand the depth of what happened in New York, the story of this robbery must be told. In recent days, the crypto world witnessed the launch and almost immediate collapse of the “NYC Token.” This digital asset was not just any cryptocurrency because it came with an unusual seal of political legitimacy with the support of those close to former Mayor Eric Adams and was promoted with a noble and urgent mission, that of the fight against anti-Semitism.
The promise was seductive, with an investment in this token the profits will fund foundations and educational programs to stop hate. The result, however, was a textbook financial crime. Within minutes, after reaching an inflated market cap, liquidity was withdrawn. This in the jargon is called a rug pull or “rug pulling”, so the price plummeted to zero. The organizers took the real money and the investors were left with worthless digital tokens.
But this is not just police news. The serious thing is not how they stole the money, but why people rushed to hand it over. The scam worked because it exploited terror in today’s Jewish community.
The face of terror: Zohran Mamdani and the clamp of hate
No one invests in “magic bullets” if they feel safe. If thousands of people fell for this deception, it is because they look towards the mayor of New York and see the rise of Zohran Mamdani.
The mere possibility that an openly anti-Semitic politician, one who justified the actions of Hamas and whose speech exudes hostility towards everything Jewish, could govern the city, generated a state of existential anxiety. Mamdani represents the institutionalization of anti-Semitism in the city’s daily life.
And the New York Jew knows that it is not an isolated case because he is caught in a clamp. On the left, figures like Alexandria Ocasio-Cortez and Ilhan Omar normalize hate from Congress. On the right, despite a Trump government that is not anti-Semitic, voices like those of Nick Fuentes and Tucker Carlson are emerging, validating conspiracy theories and hostility from conservatism.
In the midst of this siege, with fear of a hostile mayor and enemies on both sides of the political spectrum, this scam appeared selling a “shield.” They promised that with money and technology they could stem the tide.
The big lie: education as a cure
This is where fraud goes from being financial to being intellectual. The scam was based on the premise that they were going to use the money to “educate” people and end anti-Semitism.
It must be said with all letters: that is a lie.
Anti-Semitism is not a product of ignorance, nor is it a cultural misunderstanding. This one has a single engine and is the envy.
Resentment at Jewish success, with its ability to survive and prosper. And resentment is an incurable human passion. There is no education that works against it. The envious person does not lack information; he has plenty of resentment.
The only theoretical “solution” to anti-Semitism would be for the Jew to fail. Since that is not going to happen, anti-Semitism will not disappear. Looking for an educational solution is chasing a ghost.
reality vs. the magic
This episode serves as a brutal awakening. They used the legitimate fear of Mamdani and the current political environment to sell a magical solution to a perennial problem.
However, there are no shortcuts. You can’t pay for the world to abandon envy.
The Jewish community has no choice but to understand that resentment is the price of success. You have to “suck it up,” be strong, protect yourself, legally and physically, and stop believing in saviors who promise to change human nature. Believing in these magical solutions only serves to be a victim twice, first of the anti-Semite, and then of the scammer who tea he steals out of fear.
Things as they are.
Mookie Tenembaum addresses international issues like this every week with Horacio Cabak on his podcast El Observador Internacional, available on Spotify, Apple, YouTube and all platforms.
