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China “state-affiliated actors” have been blamed by the government for two “malicious” cyber attack campaigns in the UK.

Making a speech in the Commons, Deputy Prime Minister Oliver Dowden revealed the two incidents involved an attack on the Electoral Commission – responsible for overseeing elections and political finance – in 2021, and targeted attacks against China-sceptic MPs.

He confirmed the Foreign Office would be summoning the Chinese ambassador “to account for China’s conduct in these incidents”, and that the UK, alongside international partners such as the US, would be issuing sanctions.

Mr Dowden told MPs: “The cyber threat posed by China affiliated actors is real and it is serious, but it is more than equalled by our determination and resolve to resist it.

“That is how we defend ourselves and our precious democracy.”

But he faced condemnation from backbench Tories for not going far enough, with former immigration minister Robert Jenrick calling the actions of the UK government “feeble” and “derisory”, and foreign affairs committee chair Alicia Kearns deeming them “sadly insufficient”.

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According to the National Cyber Security Centre, the incident at the commission, discovered in 2022, saw the Electoral Roll compromised, including the names and addresses of tens of millions of voters.

But “reconnaissance activity” in 2021, targeting the accounts of former Tory leader Sir Iain Duncan Smith, former Conservative education minister Tim Loughton, crossbench peer Lord Alton of Liverpool and SNP MP Stewart McDonald was unsuccessful.

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The latter of the campaigns was blamed on the APT31 group, also known as Judgement Panda or Zirconium, but a specific entity has not been named for the Electoral Commission attack.

However, the Foreign Office has confirmed it is placing sanctions on a front company, the Wuhan Xiaoruizhi Science and Technology Company, and two actors involved in the operations of APT31, Zhao Guangzong and Ni Gaobin – a move echoed by the US government.

Dowden: Attacks completely unacceptable

Mr Dowden said the two cyber attack campaigns were “completely unacceptable” and demonstrated “a clear and persistent pattern of behaviour that signal signals hostile intent from China”.

He added: “The UK does not accept that China’s relationship with the United Kingdom is set on a predetermined course. But this depends on the choices that China makes.

“That is why the Foreign Office will be summoning the Chinese ambassador to account for China’s conduct in these incidents.

“The UK’s policy towards China is anchored in our core national interests. Where it is consistent with these interests, we will engage with the Chinese government.

“But we will not hesitate to take robust actions wherever the Chinese government threatens the United Kingdom’s interests.”

But in response to the cyber attacks highlighted by the UK government, a Chinese Embassy spokesperson said the accusations were “completely fabricated and malicious slanders”.

They added: “China has always firmly fought all forms of cyber attacks according to law. China does not encourage, support or condone cyber attacks.

“At the same time, we oppose the politicisation of cyber security issues and the baseless denigration of other countries without factual evidence.

“We urge the relevant parties in the UK to stop spreading false information and stop their self-staged, anti-China political farce.”

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UK needs to ‘wake up’ to China

Those MPs targeted by the attacks – all members of the Inter-Parliamentary Alliance on China (IPAC) who probe Beijing’s activities – were briefed by parliament’s director of security on Monday.

‘MPs will not be bullied into silence by Beijing’

Speaking at a press conference afterwards, Sir Iain said the group had been “subjected to harassment, impersonation and attempted hacking from China for some time”, but insisted MPs would not be “bullied into silence by Beijing”.

He called for a “watershed moment” from the government that would see the UK “take a stand for values of human rights and the international rules-based system on which we all depend”.

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‘We won’t be bullied into silence by China’

However, speaking in the Commons after Mr Dowden’s statement, Sir Iain described his words as “like an elephant giving birth to a mouse”, as he called for further sanctions on China – especially over its actions in Hong Kong – and for the country to be defined as a “threat”.

Foreign Secretary Lord Cameron has been briefing the 1922 Committee of backbench Conservative MPs on the measures, a number of whom have now publicly called for more robust action to be taken against China as a result of the cyber attacks.

Speaking to broadcasters afterwards, Mr Dowden addressed his critics by saying: “I would say this isn’t the end of the story. We will continue to take the necessary and proportionate steps to protect our democratic institutions.”

A clear reminder the cyber threat is constant



Tom Clarke

Science and technology editor

@t0mclark3

The fact China is attempting to spy on the UK and others online should come as no surprise.

This latest announcement from government is more of reminder that the activity is constant, and increasingly sophisticated.

The UK’s National Cyber Security Centre has now implicated a Chinese-backed hacking group APT31 of attempting to target a group of MPs.

There’s a clue in the name: Advanced Persistent Threat is cybersecurity speak for groups usually backed by governments.

A long list From APT16 to APT 41 are hacking groups each with their own techniques and target areas suspected of being run by the Chinese state.

It’s suggested APT 31 used “spear phishing” to attempt to spy on members of the Inter Parliamentary Alliance on China. The same as phishing – in which a malicious file, usually typically embedded in an innocent-looking link in a email – spear phishing is targeted at a specific individual or group.

We have less information on the hack of the Electoral Commission back in 2021, which has now also been attributed to China. In this instance the hackers are believed to have had persistent access to the Electoral Commission’s systems for months.

In response, the NCSC has updated guidance for political organisations and other institutions who could be at threat from such attacks, including updated guidance on sophisticated threat called “living off the land”.

This is a type of “fileless” attack that exploits native code used to manage server networks operated by large providers like Microsoft. Via an intrusion like a phishing attack, malicious code, disguised to look normal, is inserted straight into the target system’s operating instructions bypassing virus scanning software.

The danger of this type of attack is that it’s hard for online security teams to spot that an intrusion has happened, or to monitor the activity of hackers. Without very vigilant cybersecurity, hacks like this have been found to have persisted for long periods of time.

Last year Microsoft announced a “living off the land” attack by Chinese-backed hacker group Volt Typhoon had been used to infiltrate US utilities and critical infrastructure companies from 2021 onwards.

It is the latest incident to highlight growing pressure on Prime Minister Rishi Sunak from within his own party to take a tougher stance on China, having so far refused to brand the country a threat.

Speaking ahead of Mr Dowden’s statement, the prime minister said: “We’ve been very clear that the situation now is that China is behaving in an increasingly assertive way abroad, authoritarian at home and it represents an epoch-defining challenge, and also the greatest state-based threat to our economic security.

“So, it’s right that we take measures to protect ourselves, which is what we are doing.”

A Downing Street source also told Sky News Mr Sunak had “always had a robust position on China”, but it would “not be a sensible thing to do” to “cut all links” with Beijing, and instead the government took a “eyes wide open approach” to its activities.

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CFPB likely to step back from crypto regulation — Attorney

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CFPB likely to step back from crypto regulation — Attorney

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.

Related: Elon Musk’s ‘government efficiency’ team turns its sights to SEC — Report

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

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

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

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.

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

FTX court filing, estimated claims. Source: Sunil

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.

Related: FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse

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.

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

FTX KYC portal. Source: Sunil

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.

Related: Crypto trader turns $2K PEPE into $43M, sells for $10M profit

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.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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Sir Keir Starmer pledges to protect UK companies from Trump tariff ‘storm’

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Sir Keir Starmer pledges to protect UK companies from Trump tariff 'storm'

Sir Keir Starmer has said his government stands ready to use industrial policy to “shelter British business from the storm” after Donald Trump’s new 10% tariff kicked in.

The UK was among a number of countries hit with the lowest import duty rate following the president’s announcement on 2 April – which he called ‘Liberation Day’, while other nations, such as Vietnam, Cambodia and China face much higher US levies.

But a global trade war will hurt the UK’s open economy.

The prime minister said “these new times demand a new mentality”, after the 10% tax on British imports into America came into force on Saturday. A 25% US levy on all foreign car imports was introduced on Thursday.

It comes as Jaguar Land Rover announced it would “pause” shipments to the US for a month, as firms grapple with the new taxes.

On Saturday, the car manufacturer said it was working to “address the new trading terms” and was looking to “develop our mid to longer-term plans”.

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Jobs fears as Jaguar halts shipments

Referring to the tariffs, Sir Keir said “the immediate priority is to keep calm and fight for the best deal”.

Writing in The Sunday Telegraph, he said that in the coming days “we will turbocharge plans that will improve our domestic competitiveness”, adding: “We stand ready to use industrial policy to help shelter British business from the storm.”

It is believed a number of announcements could be made soon as ministers look to encourage growth.

NI contribution rate for employers goes up

From Sunday, the rate of employer NICs (national insurance contributions) increased from 13.8% to 15%.

At the same time, firms will also pay more because the government lowered the salary threshold at which companies start paying NICs from £9,100 to £5,000.

Also, the FTSE 100 of leading UK companies had its worst day of trading since the start of the pandemic on Friday, with banks among some of the firms to suffer the sharpest losses.

Sir Keir said: “This week, the government will do everything necessary to protect Britain’s national interest. Because when global economic sands are shifting, our laser focus on delivering for Britain will not. And these new times demand a new mentality.”

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Trump defiant despite markets

UK spared highest tariff rates

Some of the highest rates have been applied to “worst offender” countries including some in Southeast Asia. Imports from Cambodia will be subject to a 49% tariff, while those from Vietnam will face a 46% rate. Chinese goods will be hit with a 34% tariff.

Imports from France will have a 20% tariff, the rate which has been set for European Union nations. These will come into effect on 9 April.

Read more:
Red wall on Wall Street – but Trump undeterred
How will UK respond to Trump’s tariffs?

Sir Keir has been speaking to foreign leaders on the phone over the weekend, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Australian Prime Minister Anthony Albanese, to discuss the tariff changes.

A Downing Street spokesperson said of the conversation between Sir Keir and Mr Macron: “They agreed that a trade war was in nobody’s interests but nothing should be off the table and that it was important to keep business updated on developments.

“The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia.”

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Trump’s warning

Mr Trump has warned Americans the tariffs “won’t be easy”, but urged them to “hang tough”.

In a post on his Truth Social platform, he said: “We are bringing back jobs and businesses like never before.

“Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!

“THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.”

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