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NYC's crypto-friendly Mayor Eric Adams indicted in corruption case

NYC's crypto-friendly Mayor Eric Adams indicted in corruption case

GrafaGrafa2024/09/27 00:25
By:Mahathir Bayena

New York City Mayor Eric Adams has been indicted amid ongoing corruption investigations that have led to several retirements and resignations within his administration.

Federal prosecutors have initiated charges against Adams, although the specific allegations remain unclear as the indictments are currently sealed.

Reports indicate that the investigation intensified following an FBI raid in November 2023 at the home of Brianna Suggs, Adams's chief campaign fundraiser.

The focus of the investigation includes potential Turkish government donations to Adams’s campaign through intermediaries.

Additionally, former New York City Fire Department officials Anthony Saccavino and Brian Cordasco have faced charges of bribery, accused of receiving over $190,000 in exchange for favorable building inspections.

There have also been concerns that Adams may have pressured officials to approve the construction of a 35-story Turkish consulate in Manhattan despite safety concerns.

In light of these allegations, scrutiny on Adams has intensified, prompting several city officials, including the police commissioner, to resign.

Adams has publicly vowed to remain in office and contest all charges.

“If I am charged, I am innocent, and I will fight this with every ounce of my strength and spirit,” he stated.

His legal team previously claimed to have conducted its own investigation, finding no evidence of illegal conduct.

Adams, a former police captain, made headlines in 2021 for his commitment to cryptocurrency, vowing to take his first three paychecks in Bitcoin (CRYPTO:BTC).

As a proponent of crypto, he has sought to establish New York as a hub for the cryptocurrency industry.

Despite facing challenges, including a financial disclosure issue related to his crypto holdings, he has remained committed to promoting blockchain technology for enhancing government services.

Adams has also advocated for removing New York State's BitLicense, citing its negative impact on the state and city’s economic growth.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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