Israel-Gaza war: ‘Highly likely’ hostages held by Hamas include Britons, says Defence Secretary Grant Shapps

Published

1 year ago

October 13, 2023

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Britons are “highly likely” to be among those held by Hamas in Gaza, Defence Secretary Grant Shapps has told Sky News.

The cabinet minister revealed the UK had also sent additional intelligence personnel to the region as part of efforts to release those captured or assist citizens trapped in the besieged enclave.

His comments came just before Hamas claimed Israel’s bombardment of the Gaza Strip had killed 13 hostages, including foreigners, held by the group.

The UK is sending RAF aircraft and Royal Navy ships to the eastern Mediterranean to support Israel and “send a signal” to the wider region in the wake of the surprise attack by militants on Saturday, which has unleashed a conflict that has already claimed at least 2,700 lives.

Pressed over whether UK citizens were among those kidnapped by insurgents and held in Gaza, Mr Shapps said: “It seems very likely that there are. We don’t have exact data on that for obvious reasons.

“But within Gaza, there will also be Brits, or possibly people with dual nationalities as well.

“The prime minister has spoken to the Egyptian president about using that border to get people out.

“The situation is far from clear.

“It’s one of the reasons, as I mentioned before, we’ve sent additional personnel, intelligence personnel, in order to assist with exactly those types of operations.”

Mr Shapps added: “It is highly likely – no one will know for sure – that there are… either British nationals or people with a joint nationality involved in the hostage situation that has been reported previously.”

Shapps defends ‘substantial’ UK support

To date, at least 1,300 Israelis have died while 1,417 Palestinians, including 447 children, have been killed in retaliatory strikes in Gaza – where electricity, water and fuel have been cut off.

The Foreign Office said flights have been organised to get British nationals out of Israel, with the first plane for “vulnerable” people expected to depart today.

The military force being deployed by the UK to the region includes P8 surveillance aircraft, two Royal Navy ships – Royal Fleet Auxiliary (RFA) vessels Lyme Bay and Argus – three Merlin helicopters and a company of Royal Marines.

Critics have highlighted the UK force will be a token gesture compared to the support provided by the US.

But Mr Shapps said: “We do in fact have warships in the region if we needed to, but we don’t want to escalate the situation.

“What we want to do is assist and by working with our friends and allies.

“That is exactly what this is intended to do.

“We are also… thickening or bolstering our intelligence gathering with people on the ground throughout the region as well.

“So our input is actually quite substantial and working in hand-in-glove with our allies and particularly the Americans in this case.”

He went on: “It’s intelligence, surveillance and really a signal to the wider region and perhaps those actors who might now try to exploit this terrorist, Hamas situation.”

‘Israel is doing all it can to warn people’

Mr Shapps also insisted Israel had the right to defend itself when questioned over the evacuation order for more than a million Palestinians to move to the south of Gaza in the next 24 hours, in the face of a possible ground offensive.

He said: “Israel, unlike Hamas – who again, and I saw this at NATO where we had a full briefing on what happened, including seeing some very distressing video of Hamas beheading people, murdering people, showing off the bodies and dragging them through the street, raping people – unlike that terrorist organisation, Israel is doing all it can to provide advance notice and warning in order that they can go after those terrorists who carried out those actions, and by the way have taken hostages as well.

“Hamas can bring all of this to an end, they can release the hostages, they can recognise not just Israel, [but also] remove from their founding charter the principle of eradicating all Jews from the Earth.”

He added: “Israel on the other hand has the perfect right to defend itself. It is doing that in a manner which is giving people warning in advance when they are going to go after areas.”

At home, the government also announced it would provide an extra £3m in funding to bolster security at Jewish schools following reports some had been forced to close over fears of the safety of pupils.

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Published

7 hours ago

April 6, 2025

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.

In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:

“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”

The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.

Dollar, US Government, Stablecoin — *Stablecoin market overview. Source:* *RWA.XYZ*

US government looks to stablecoins to protect US dollar

Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.

Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.

Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.

According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.

The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

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CFPB likely to step back from crypto regulation — Attorney

Published

9 hours ago

April 6, 2025

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CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump — *Source:* *Russell Vought*

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Politics

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Published

15 hours ago

April 6, 2025

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments — *FTX court filing. Source:* *Bloomberglaw.com*

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.