Army tankers to deliver fuel to petrol stations from Monday

Published

3 years ago

October 1, 2021

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Army tanker drivers are to start delivering fuel to petrol stations from Monday in an emergency government move prompted by the continuing crisis at the pumps.

Senior ministers have been alarmed at how slowly the fuel supply disruption is improving, with motorists still forced to queue for hours for fuel after more than a week of forecourt chaos.

Almost 200 soldiers – including 100 drivers – have been training with haulage firms this week, learning how to fill up tankers and petrol pumps, and the first army deliveries will be made early on Monday morning.

Announcing the move, Defence Secretary Ben Wallace said: “Across the weekend over 200 military personnel will have been mobilised as part of Operation Escalin.

“While the situation is stabilising, our Armed Forces are there to fill in any critical vacancies and help keep the country on the move by supporting the industry to deliver fuel to forecourts.”

At the same time, Cabinet Office minister Steve Barclay, who is in charge of the government’s response to the fuel crisis, appealed to motorists to stop panic buying at the pumps

“The government has taken decisive action to tackle the short-term disruption to our supply chains, and in particular the flow of fuel to forecourts,” he said.

“We are now seeing the impact of these interventions with more fuel being delivered to forecourts than sold and, if people continue to revert to their normal buying patterns, we will see smaller queues and prevent petrol stations closing.”

And despite no end to the long queues at garages in some parts of the UK, particularly southeast England and London, senior ministers still insist the demand for fuel has stabilised.

“Thanks to the immense efforts of industry over the past week, we are seeing continued signs that the situation at the pumps is slowly improving,” Business Secretary Kwasi Kwarteng claimed.

“UK forecourt stock levels are trending up, deliveries of fuel to forecourts are above normal levels, and fuel demand is stabilising.

“It’s important to stress there is no national shortage of fuel in the UK, and people should continue to buy fuel as normal. The sooner we return to our normal buying habits, the sooner we can return to normal.”

But the decision to send in the army came as Rishi Sunak, the chancellor, issued a gloomy warning that shortages of goods could last until Christmas.

“These shortages are very real,” Mr Sunak said in a Daily Mail interview. “We’re seeing real disruption in supply chains in different sectors, not just here but around the world.”

And admitting that families face a “challenging” winter, the chancellor added: “We’re determined to do what we can to try to mitigate as much of this as we can.”

The government’s announcement on sending in the army to tackle the fuel crisis came just hours after it was demanded by Labour leader Sir Keir Starmer.

It also followed a warning by the Petrol Retailers Association, which represents independent garages, that more than a quarter of its filling stations have no fuel.

Calling on Boris Johnson to “take emergency action to get a grip”, Sir Keir also called for extended opening hours for petrol stations to help NHS shift workers and other key workers.

And he urged the prime minister to recall parliament and hold an emergency summit of the road haulage industry, training providers, business groups, government ministers and transport unions to focus on the immediate crisis.

The government says it is already taking a range of measures to ease temporary supply chain pressures in food haulage industries, brought on by the pandemic and the global economy rebounding around the world.

In a further step to manage these pressures in the short term, the government is introducing a scheme allowing fuel tanker drivers and food haulage truckers to work in the UK immediately on a temporary basis.

Under these plans:

• 300 fuel drivers will be able to arrive immediately, subject to immigration checks, and stay to work until the end of March 2022

• 4,700 food haulage drivers who will arrive from late October and leave by 28 February 2022

• 5,500 poultry workers who will arrive from late October and be able stay up to 31 December 2021

The government says these temporary, time-limited visa measures, do not detract from a commitment to upskill and increase the wages of domestic labour, but are in recognition of the extraordinary set of circumstances affecting the stability of the UK supply chain.

Ministers say they want to see employers make long-term investments in the UK domestic workforce instead of relying on overseas labour to build a high-wage, high-skill economy.

In addition to short-term fixes, the government says it is also working with industry to find long-term solutions to the shortage of HGV drivers through improved testing and hiring, with better pay, working conditions and diversity.

To help with recruitment, the government also says it is collaborating with freight associations to drive up standards of lorry parking facilities, helping to make the HGV industry more attractive for prospective drivers and supporting the wellbeing of those currently working as lorry drivers.

Other moves include an immediate increase in HGV testing and new skills boot camps to train up to 4,000 more people to become HGV drivers.

Politics

UK authorizes charges against NCA officer for alleged Bitcoin theft

Published

3 hours ago

March 14, 2025

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UK authorizes charges against NCA officer for alleged Bitcoin theft

The agency responsible for conducting criminal prosecutions in England and Wales announced that a National Crime Agency (NCA) officer was due to be charged with the alleged theft of Bitcoin worth roughly $75,000 in 2017.

In a March 14 notice, the Crown Prosecution Service said it had authorized the Merseyside Police to charge NCA officer Paul Chowles with 15 offenses related to the alleged Bitcoin (BTC) theft “during an investigation into online organized crime.” Authorities said Chowles could face one count of theft, 11 charges for concealing, disguising, or converting criminal property and three counts for acquiring, using or possessing criminal property.

The 50 Bitcoin, worth roughly $75,000 before the December 2017 bull run, was valued at more than $4.2 million at the time of publication at a BTC price of $84,541. The NCA officer is expected to appear at the Liverpool Magistrates’ Court on April 25.

In April 2024, amendments to the UK’s Economic Crime and Corporate Transparency Act authorized NCA officers and local police to seize crypto from suspected criminals without arresting them. The Crown Prosecution Service did not mention how Chowles allegedly stole the Bitcoin or whether the funds were connected to illicit activities.

Crypto policies across the pond

The NCA said in December 2024 that it had seized roughly $26 million in cash and crypto and arrested 84 people as part of a global campaign to fight money laundering and organized crime. Some of the crypto addresses targeted by UK authorities at the time “showed regular exposure to Garantex.” The founder of the Russian crypto exchange was arrested in India in March and is expected to be extradited to the US to face criminal charges.

The UK government is expected to move forward on creating a comprehensive regulatory framework for digital assets in 2025 following the Labour government’s election victory. The country remains a significant market for crypto users, with Coinbase securing approval to operate from the financial regulatory body in February.

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Politics

US House kills IRS DeFi broker rule, Solana won’t cut 80% inflation rate: Finance Redefined

Published

4 hours ago

March 14, 2025

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US House kills IRS DeFi broker rule, Solana won’t cut 80% inflation rate: Finance Redefined

In a significant regulatory development for the crypto industry, the United States House of Representatives voted to nullify a bill that threatened the privacy-preserving properties of decentralized finance (DeFi) protocols.

In the wider crypto space, one of the Solana network’s most significant governance proposals was rejected; it sought to implement a mechanism to reduce Solana’s inflation rate by about 80%.

US House follows Senate in passing resolution to kill IRS DeFi broker rule

The US House of Representatives voted to nullify a rule requiring decentralized finance (DeFi) protocols to report to the Internal Revenue Service.

On March 11, the House of Representatives voted 292 for and 132 against a motion to repeal the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.

All 132 votes to keep the rule were Democrats. However, 76 Democrats joined with the Republicans to repeal it.

This followed the Senate’s March 4 vote on the motion, which saw it pass 70 to 27.

The rule would have forced DeFi platforms, such as decentralized exchanges, to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

After the vote, Republican Representative Mike Carey, who submitted the repeal motion, said, “The DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and would overwhelm the IRS.”

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Solana proposal to cut inflation rate by up to 80% fails

A proposal to dramatically change Solana’s inflation system was rejected by stakeholders but is being hailed as a victory for the network’s governance process.

“Even though our proposal was technically defeated by the vote, this was a major victory for the Solana ecosystem and its governance process,” commented Multicoin Capital co-founder Tushar Jain on March 14.

Around 74% of the staked supply voted on proposal SIMD-228 across 910 validators, but just 43.6% voted in favor of it, with 27.4% voting against it and 3.3% abstaining, according to Dune Analytics. It needed 66.67% approval from participating votes to pass and only received 61.4%.

Jain added that this was the biggest crypto governance vote ever, by the number of participants and the participating market cap, of any ecosystem, chain or network.

“This was a meaningful scaling stress test — a social, rather than technical, stress test — and the network passed despite a wide stratification of diverging opinions and interests.”

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Bitcoin $70,000 retracement part of “macro correction” in bull market — Analysts

Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite crypto investor fears of an early arrival of a bear market cycle.

Bitcoin (BTC) fell more than 14% during the past week to close at around $80,708 after investors were disappointed with the lack of direct federal Bitcoin investments in President Donald Trump’s March 7 executive order. It outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases.

Despite the drop in investor sentiment, cryptocurrencies and global markets remain in a “macro correction” as part of the bull market, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.

Most cryptocurrencies have broken key support levels, making it hard to estimate the next key price levels, the analyst told Cointelegraph, adding:

“This is a macro correction (US tech will be down by 3% in the future, as discussed), so we have to monitor BTC. Next level will be $71,000 – $72,000, top of the pre-election trading range.”

The analyst added: “We are still in a correction within a bull market: Stocks and crypto have realized and are pricing; a period of tariff uncertainty and fiscal cuts, no Fed put. Recession fears are popping up.”

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Calls for stricter rules on political memecoins after $4 billion Libra collapse

Industry voices warned that politically endorsed cryptocurrencies must adopt stronger investor protections and liquidity safeguards to prevent another significant market collapse.

Investor sentiment remains shaken after the Libra (LIBRA) token, which was endorsed by Argentine President Javier Milei, suffered a $4 billion market cap wipeout due to insider cash-outs.

According to blockchain analytics firm DWF Labs, at least eight insider wallets withdrew $107 million in liquidity, triggering the massive collapse.

To avoid a similar meltdown, tokens with presidential endorsements will need more robust safety and economic mechanisms, such as liquidity locking or making the tokens in the liquidity pool non-sellable for a predetermined period, DWF Labs wrote in a report shared with Cointelegraph.

The report stated that tokens from high-profile leaders also need launch restrictions to limit participation from crypto-sniping bots and large holders or whales.

“Limiting bot and whale activity is essential in limiting the impact of individuals acting on insider information to corner a large percentage of the token supply,” according to Andrei Grachev, managing partner at DWF Labs.

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Hyperliquid ups margin requirements after $4 million liquidation loss

Hyperliquid, a blockchain network specializing in trading, increased margin requirements for traders after its liquidity pool lost millions of dollars during a massive Ether (ETH) liquidation, the network said.

On March 12, a trader intentionally liquidated a roughly $200 million Ether long position, causing Hyperliquid’s liquidity pool, HLP, to lose $4 million, unwinding the trade.

Starting March 15, Hyperliquid will require traders to maintain a collateral margin of at least 20% on certain open positions to “reduce the systemic impact of large positions with hypothetical market impact upon closing,” Hyperliquid said in a March 13 X post.

The incident highlights the growing pains confronting Hyperliquid, which has emerged as Web3’s most popular platform for leveraged perpetual trading.

Hyperliquid said the $4 million loss was not from an exploit but rather a predictable consequence of the mechanics of its trading platform under extreme conditions.

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DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.

Of the top 100, the Hedera (HBAR) token fell over 24%, marking the biggest weekly decrease, followed by JasmyCoin (JASMY) down over 21% over the past week.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Politics

Crypto influencer sentenced to 45 months in prison for wire fraud

Published

5 hours ago

March 14, 2025

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Crypto influencer sentenced to 45 months in prison for wire fraud

Thomas John Sfraga, also known as “TJ Stone,” received 45 months in prison for wire fraud and was ordered to pay more than $1.3 million in forfeiture as part of a scheme targeting crypto investors.

In a March 14 notice, the US Justice Department said Sfraga was sentenced in the US District Court for the Eastern District of New York (EDNY) for wire fraud following a May 2024 guilty plea. Court filings stated that the influencer and podcaster claimed he was the owner of businesses — including Vandelay Contracting, a name based on a running joke from the television series Seinfeld — and the emcee of many crypto events in New York City.

“[…] Sfraga convinced a victim to invest in a fictitious cryptocurrency ‘virtual wallet,’” said the Justice Department. “He promised the victims returns on their investments as high as 60% in three months. In reality, however, Sfraga used the money entrusted to him by the victims for his own benefit, to pay expenses, and to pay earlier victims and business associates.”

Sfraga’s case was one of many involving crypto-related crimes continuing to be pursued in the jurisdiction following the appointment of John Durham as interim US Attorney by President Donald Trump. Braden John Karony, former CEO of SafeMoon, who also faces EDNY criminal charges, requested in February that his criminal trial for securities fraud conspiracy, wire fraud conspiracy and money laundering conspiracy be pushed based on the administration’s approach to crypto enforcement.

The “Seinfeldian” scheme, according to Durham, was not the first time the crypto industry was connected to the popular sitcom. Comedian Larry David, co-creator of the show, starred in a Super Bowl ad for defunct cryptocurrency exchange FTX in 2022. He later said he was “an idiot” for endorsing the company and lost a lot of money after the price of specific tokens dropped.

Since Trump took office on Jan. 20, some high-profile defendants in criminal cases involving cryptocurrency have reportedly been looking into appealing to the US president for a pardon. Among those reportedly seeking pardons were former FTX CEO Sam Bankman-Fried, currently serving a 25-year sentence following a 2023 conviction, and former Binance CEO Changpeng Zhao, who served a four-month sentence in 2024 — though he denied reports of a potential pardon.

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