Crypto-Friendly New York Mayor Eric Adams Indicted in Corruption Probe

On Wednesday, New York City Mayor Eric Adams was indicted on federal criminal charges following a lengthy corruption probe that started over two years ago. 

The indictment, which remains sealed, makes Adams the first sitting city mayor to face such charges, according to a New York Times report.

Launched in 2021 by the FBI and federal prosecutors in Manhattan, the federal probe focuses on Adams' 2021 mayoral campaign and possible connections to illegal foreign donations. 

Specifically, investigators are examining whether Adams and his campaign received illicit contributions from the Turkish government and pressured New York Fire Department officials to approve a new high-rise Turkish consulate, bypassing safety concerns. 

The New York City Mayor's Press Office did not immediately return a request for comment.

Adams, who campaigned on a platform of reform, innovation, and pro-crypto policies, has denied any wrongdoing. In response to the indictment, Adams framed the charges as a politically motivated attack and noted his history of fighting injustice. 

“I will fight these injustices with every ounce of my strength and my spirit. If I’m charged, I know I am innocent,” Adams said in a video statement.

He has requested an immediate trial, expressing confidence in his innocence and stating that New Yorkers deserve transparency.

Federal authorities are also looking into possible benefits Adams received, such as flight upgrades from Turkish Airlines.

Governor Kathy Hochul has the authority to remove Adams from office if the charges impair his ability to govern. The indictment also casts doubt on Adams’ re-election chances in 2025, as the legal proceedings and federal investigations are expected to dominate public discussion.

Adams’ support for cryptocurrency has been a defining aspect of his tenure. Shortly after taking office in January 2022, he pledged to receive his first three paychecks in Bitcoin and Ethereum.

The ongoing inquiry against him remained largely secret until late 2022, when an FBI search of the Brooklyn home of Adams' chief fundraiser, Brianna Suggs, brought it to light. 

Agents seized multiple digital devices, including laptops and iPhones, as well as documents labeled “Eric Adams.” Suggs has not been accused of any wrongdoing.

The probe has also involved several top officials in Adams’ administration. Earlier this month, federal agents seized phones from multiple city leaders, including Edward Caban, the police commissioner, and David Banks, the school’s chancellor.

Both officials resigned shortly after, leaving Adams’ administration in turmoil as it faced intensified scrutiny. The indictment now places additional pressure on Adams, who must face the legal challenges while managing city affairs.

Adams has long been a crypto advocate, calling Bitcoin a “disruptive technology” as early as 2015. During his mayoral campaign, he pledged to make New York a hub for life sciences, cybersecurity, and digital assets.

Edited by Sebastian Sinclair