Altcoins News
By Bruce Buterin
1 / 15
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…
2 / 15
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…
3 / 15
The former mayor jumped on X to defend himself, writing "I didn't leave a 'budget hole.' I left over $8 BILLION in reserves.
4 / 15
But here's where things get weird. Adams stepped down just weeks ago and immediately dove into crypto.
5 / 15
Blockchain analytics firm Bubblemaps dug into what happened and found some sketchy stuff. A wallet tied to the token's creators pulled $2.
6 / 15
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…
7 / 15
Adams tried to clean up the crypto mess at a blockchain conference in Manhattan on January 20.
8 / 15
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…
9 / 15
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…
10 / 15
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.
11 / 15
City Comptroller Brad Lander jumped in January 30 with a preliminary report that found problems with Adams' budget allocations.
12 / 15
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…
13 / 15
State Senator Jessica Ramos wants to regulate municipal crypto projects after watching this disaster unfold.
14 / 15
The New York City Economic Development Corporation is looking for other ways to help the city's economy.
15 / 15
Adams' spokesperson denied the token launch was for personal gain, but the timing and results make that hard to believe.
The Currency Analytics
Want the full story?