Connect with us

Published

on

Questions have been raised about parliament’s security processes following allegations a researcher with close ties to senior MPs spied for China.

The researcher in his 20s – who says he is “completely innocent” – is understood to have had links to security minister Tom Tugendhat, foreign affairs committee chairwoman Alicia Kearns and other senior Tory MPs.

The arrest has prompted some MPs to query security arrangements in Westminster and whether they are fit for purpose.

Here, Sky News takes you through the process of how people gain access to parliament.

Deputy PM gives update on ‘China spy’ allegations – politics latest

How do people get parliamentary passes?

Reports in the Times claim the arrested researcher was vetted in order to obtain a parliamentary pass but he did not have security clearance.

In order to obtain a pass, those wishing to work in parliament must go through Baseline Personnel Security Standard (BPSS) checks, which aim to ensure that people entitled to work in the UK can demonstrate the “honesty, integrity and values needed for government-related work”.

Through these passes, people are granted access to the parliamentary estate, including the House of Commons chamber, cafes and bars.

As of 30 November 2021, there were 13,582 parliamentary passes issued by the authorities.

Those who can apply range from MPs’ staff and political parties, members of the media, former MPs, contractors and cvil service staff.

Please use Chrome browser for a more accessible video player

China denies spying allegations

What checks are carried out?

People who work for MPs are also required to undergo a Counter Terrorist Check (CTC) because of their access to significant public figures and potentially sensitive material.

The check involves the person having to verify their identity, undergo an interview with an investigating officer and complete criminal and security checks.

Parliament’s website says CTC clearance is required in order to gain a pass with “unescorted access” to the parliamentary network, to sensitive parliamentary data and to work at the Houses of Parliament.

After CTCs, higher levels of security are applied.

They are security check clearance, which is required if you have “substantial” access to secret or top secret assets.

Above that, Developed Vetting – the most comprehensive form of security vetting – is required if there is substantial access to top secret assets or if you will be working in the security and intelligence agencies.

Read more:
How worried should we be about Chinese ‘spying’ in parliament?
China should not be described as a ‘foe’ – but is a ‘challenge’, says minister

Please use Chrome browser for a more accessible video player

Man accused of spying claims innocence

What do we know about the arrested researcher?

The researcher was arrested in March alongside another person. Officers from the Metropolitan Police’s Counter Terrorism Command, which oversees espionage-related offences, are investigating.

Both men were held on suspicion of offences under section one of the Official Secrets Act 1911, which punishes offences that are said to be “prejudicial to the safety or interests of the state”.

They have been bailed until early October.

On Monday morning, the researcher issued a statement through his lawyers in which he said he was “completely innocent” as he hit out “extravagant reporting”.

Following concerns about parliament’s security, Commons Speaker Sir Lindsay Hoyle said the House followed the “same vetting procedures” as the government.

He also urged MPs not to name the accused Westminster researcher by using parliamentary privilege – which allows MPs to speak openly without fear of legal action.

Continue Reading

Politics

CZ refutes claims in latest WSJ article on Trump-linked crypto dealings

Published

on

By

CZ refutes claims in latest WSJ article on Trump-linked crypto dealings

CZ refutes claims in latest WSJ article on Trump-linked crypto dealings

Binance co-founder and former CEO Changpeng “CZ” Zhao has pushed back against a report in The Wall Street Journal, calling it a “hit piece” filled with inaccuracies and negative assumptions. 

In an X post, Zhao criticized the publication’s portrayal of his alleged involvement with World Liberty Financial, the decentralized finance project backed by a business entity affiliated with US President Donald Trump. Trump’s sons — Eric and Donald Jr. —are involved in the management of the company.

Zhao said the WSJ article portrayed him as acting as a “fixer” for the WLF team and its co-founder Zach Witkoff during foreign trips. 

The article suggested Zhao facilitated introductions and meetings for WLF leaders during foreign trips, including a visit to Pakistan that reportedly resulted in a memorandum of understanding with a local official.

“I am not a fixer for anyone,” Zhao said, firmly denying that he connected Pakistani official “Mr. Saqib” with WLF or organized any engagements abroad. “They had known each other way back, whereas I only met with Mr. Saqib for the first time in Pakistan.” 

CZ refutes claims in latest WSJ article on Trump-linked crypto dealings
Source: Changpeng Zhao

WSJ reports on Steve and Zach Witkoff

Zhao’s response follows a WSJ investigation highlighting a complex string of diplomatic and business interests involving WLF. 

The report raised concerns about the blurred lines between public duties and private interests and focused on diplomatic and business dealings involving WLF co-founders Steve Witkoff and his son, Zach Witkoff. Steve Witkoff serves as the US Special Envoy to the Middle East under the Trump administration, while Zach Witkoff has been involved in securing a reported $2 billion crypto deal.

The report raised questions about whether diplomatic efforts overlapped with private crypto ventures, and implied Zhao may have been attempting to curry favor with the Trump administration

On May 6, Zhao confirmed that he is seeking a pardon from the Trump administration for his earlier money laundering conviction. 

The report also highlighted that WLFI, which raised over $600 million in token sales, does not disclose the names of all its investors aside from some publicly known ones like Tron founder Justin Sun, who attended Trump’s memecoin dinner on May 22. 

Trump hosted the dinner for the largest investors of his Official Trump (TRUMP) memecoin. Sun, Magic Eden CEO Jack Lu and BitMart CEO Sheldon Xia were among attendees and shared photos of the event.

Related: Binance scores legal win as UK court partially dismisses Bitcoin SV lawsuit

Zhao claims the WSJ report is an “attack” on crypto 

Zhao claimed the WSJ submitted a list of questions containing what he described as “wrong and negative assumptions.” He and his public relations team responded by pointing out several factual inaccuracies, he said, but concluded that the article was “built on a flawed narrative.”

Zhao slammed the WSJ, calling it a “mouthpiece” for anti-crypto forces in the United States. He said the forces behind the publication want to hinder efforts to make the US a crypto capital. 

“They want to attack crypto, global crypto leaders and the pro-crypto administration,” CZ claimed, saying the article is part of a broader effort to stifle the industry’s growth in the US.

This is not the first time Zhao has clapped back at the WSJ recently. In an April 11 report, the publication cited anonymous sources alleging that Zhao agreed to testify against Tron founder Justin Sun as he settled with US prosecutors. 

CZ dismissed the report, saying that people who become government witnesses don’t go to prison and are protected. CZ also claimed that someone paid WSJ employees to smear his name.

Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

Continue Reading

Politics

Cetus offers $6M bounty after $220M hack as Sui faces decentralization debate

Published

on

By

Cetus offers M bounty after 0M hack as Sui faces decentralization debate

Cetus offers M bounty after 0M hack as Sui faces decentralization debate

Cetus is offering a $6 million white hat bounty in an effort to recover $220 million in stolen digital assets, while emergency responses from the Sui Network have raised concerns about decentralization.

Sui-native decentralized exchange (DEX) Cetus was exploited for over $220 million worth of cryptocurrency on May 22. However, Cetus managed to freeze $162 million of the stolen funds shortly after.

Cetus has since offered a white hat bounty of up to $6 million for the exploiter for returning the stolen 20,920 Ether (ETH), worth over $55 million, along with the rest of the stolen funds currently frozen on the Sui blockchain.

“In exchange, you can keep 2,324 ETH ($6M) as a bounty, and we will consider the matter closed and will not pursue any further legal, intelligence, or public action,” Cetus wrote in a message embedded in a blockchain transaction on May 22.

Cetus offers $6M bounty after $220M hack as Sui faces decentralization debate
A bounty offer to the hacker. Source: Suivision

However, Cetus will “escalate with full legal and intelligence resources” if these assets are off-ramped or sent to cryptocurrency mixers and not returned promptly.

A white hat bounty is offered to ethical hackers who seek protocol vulnerabilities to prevent future exploits.

Related: Exponential currency debasement: ‘You don’t own enough crypto, NFTs’

Cryptocurrency hacks soared to $90 million across 15 incidents in April, a 124% increase from March when hackers stole $41 million worth of digital assets.

Cetus offers $6M bounty after $220M hack as Sui faces decentralization debate
Crypto stole in April 2025. Source: Immunefi

Meanwhile, the industry is still recovering from the largest crypto hack, which saw Bybit exchange lose over $1.4 billion on Feb. 21, 2025.

Related: Bitcoin hits new all-time high of $109K as trade war tensions ease

SUI considers emergency white list function to override transactions

Meanwhile, GitHub activity shows the Sui team has considered implementing an emergency whitelist function that would allow certain transactions to bypass security checks, potentially to recover funds linked to the hack.

Cetus offers $6M bounty after $220M hack as Sui faces decentralization debate
Mysten, Sui, white list function. Source: GitHub

“It appears that the Sui team asked every validator to deploy patched code so they could take away @CetusProtocol hacker’s $160 million via an unsigned tx,” said Chaofan Shou, a software engineer at Solayer Labs.

However, an unnamed Sui engineer told Shou that “validators held off deploying this and currently they are only denying tx that involves hacker’s objects,” he said in a May 22 X post.

The move has sparked criticism among decentralization advocates, who argue that the ability to override transactions contradicts the principles of a decentralized permissionless network.

Despite widespread criticism in the crypto community, some saw the rapid response as a sign of progress, not centralization.

“This is what real world decentralization looks like. Not just powerless, but responsive and aligned with the community,” said pseudonymous crypto sleuth Matteo, adding that decentralization “isn’t about standing by while people get hurt, it’s about the power to act together, without needing permission.”

Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest, May 11 – 17

Continue Reading

Politics

Hyperliquid backs 24/7 crypto trading in CFTC comments submission

Published

on

By

Hyperliquid backs 24/7 crypto trading in CFTC comments submission

Hyperliquid backs 24/7 crypto trading in CFTC comments submission

Hyperliquid, a decentralized perpetuals exchange operating on its own layer-1 blockchain, has submitted formal comments on 24/7 derivatives trading to the United States Commodity Futures Trading Commission (CFTC).

In a May 23 X post, Hyperliquid Labs announced that it has “submitted two comment letters to the [CFTC] in response to its recent Requests for Comment on perpetual derivatives and 24/7 trading.” The team behind the decentralized exchange (DEX) added:

“We commend the CFTC for its proactive engagement on these topics, understanding of which is fundamental to the evolution of global markets.”

Hyperliquid stated that it is committed to the advancement of the decentralized finance (DeFi) space. The team also claimed that its implementation “exemplifies how core DeFi principles can be put into practice to enhance market efficiency, market integrity, and user protection.”

Hyperliquid backs 24/7 crypto trading in CFTC comments submission
Source: Hyperliquid

Related: CFTC exodus: Fourth commissioner to depart ‘later this year’

CFTC’s 24/7 derivatives plans

Hyperliquid’s remarks follow CFTC Commissioner Summer Mersinger recently saying that crypto perpetual futures contracts could receive regulatory approval in the US “very soon.” Perpetual crypto futures “can come to market now,” she said.

“We’re seeing some applications, and I believe we’ll see some of those products trading live very soon,” Mersinger said. She also added that it would be “great to get that trading back onshore in the United States.”

Perpetual futures contracts are a type of derivative that allows traders to speculate on the price of a crypto asset without owning it, similar to traditional futures, but with no expiration date. Such contracts remain open indefinitely and are kept in line with the spot market price using a funding rate mechanism, where payments are exchanged between long and short positions at regular intervals.

Related: CFTC commissioner will step down to become Blockchain Association CEO

Crypto derivatives are a busy area

The crypto derivatives market has recently been swarming with announcements of product launches, acquisitions and regulatory developments. Coinbase CEO Brian Armstrong recently said the exchange will continue to look for merger and acquisition opportunities after acquiring crypto derivatives platform Deribit.

Armstrong’s remarks followed Coinbase’s agreement to acquire Deribit, one of the world’s biggest crypto derivatives trading platforms. Europe is seeing just as much hustle in the crypto derivatives industry as the Americas are.

Major crypto exchange Gemini has also recently received regulatory approval to expand crypto derivatives trading across Europe. Elsewhere, DeFi platform Synthetix will also venture further into crypto derivatives, with plans to re-acquire the crypto options platform Derive.

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

Continue Reading

Trending