The Currency analytics
By Bruce Buterin
New York City's got problems. Mayor Zohran Mamdani dropped a bombshell Wednesday about a massive $12 billion budget shortfall hitting the city over the next two years, and he's…
Mamdani didn't hold back at his press conference, calling out what he labeled the "Adams Budget Crisis" and claiming Adams basically gutted the city's finances through years of…
The former mayor jumped on X to defend himself, writing "I didn't leave a 'budget hole.' I left over $8 BILLION in reserves.
But here's where things get weird. Adams stepped down just weeks ago and immediately dove into crypto.
Blockchain analytics firm Bubblemaps dug into what happened and found some sketchy stuff. A wallet tied to the token's creators pulled $2.
Mamdani also went after former Governor Andrew Cuomo in his budget blame game. He cited a CUNY Institute for State and Local Governance report showing that New York City sends…
Adams tried to clean up the crypto mess at a blockchain conference in Manhattan on January 20.
Mamdani's team isn't sitting around either. Deputy Mayor for Economic Development Linda Cho announced January 25 that they're forming a task force to look at the city's…
The City Council called a special session January 28 to talk about fixing the budget hole. Council Speaker Maria Torres-Springer said everything's on the table - higher property…
Adams faces more heat coming up. He's been called to testify before a city oversight committee in February about the token launch and what it means financially.
City Comptroller Brad Lander jumped in January 30 with a preliminary report that found problems with Adams' budget allocations.
The Solana Foundation tried to distance itself from the NYC token mess January 27. A spokesperson said they had nothing to do with developing or launching the token, even though…
State Senator Jessica Ramos wants to regulate municipal crypto projects after watching this disaster unfold.
The New York City Economic Development Corporation is looking for other ways to help the city's economy.
Adams' spokesperson denied the token launch was for personal gain, but the timing and results make that hard to believe.