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William Wragg, who shared other politicians’ personal numbers as part of a honeytrap sexting scam, has “voluntarily” given up the Conservative whip – meaning he will now sit as an independent MP in the Commons.

Mr Wragg, the MP for Hazel Grove, Greater Manchester, yesterday resigned as vice-chairman of the 1922 Committee of Tory backbenchers and also stepped down from his role heading the Commons’ Public Administration and Constitutional Affairs Committee.

A spokesperson for the Tory whips said today: “Following Will Wragg’s decision to step back from his roles on the Public Accounts and 1922 committees, he has also notified the chief whip that he is voluntarily relinquishing the Conservative whip.”

The move means that Mr Wragg is no longer a member of the Conservative parliamentary party and will sit as an independent MP, rather than Tory MP, MP in parliament.

His decision to voluntarily give up the party whip came after he apologised last week after admitting to the Times that he had given his colleagues’ phone numbers to someone he met on a dating app.

Scotland Yard has said it is investigating reports of the so-called “honeytrap” scam after it was suggested at least 12 men in political circles received unsolicited messages, raising security concerns.

Mr Wragg, who has already announced he is standing down at the next election, told the newspaper: “They had compromising things on me. They wouldn’t leave me alone.

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“They would ask for people. I gave them some numbers, not all of them. I told him to stop. He’s manipulated me and now I’ve hurt other people.

“I got chatting to a guy on an app and we exchanged pictures. We were meant to meet up for drinks, but then didn’t.

“Then he started asking for numbers of people. I was worried because he had stuff on me. He gave me a WhatsApp number, which doesn’t work now. I’ve hurt people by being weak.

“I was scared. I’m mortified. I’m so sorry that my weakness has caused other people hurt.”

While some MPs have praised Mr Wragg, 36, for his apology, others have been less sympathetic and called on Rishi Sunak to remove the whip.

Chancellor Jeremy Hunt praised Mr Wragg for his “courageous and fulsome apology” while Oliver Dowden, the deputy prime minister, told Sunday Morning with Trevor Phillips that his colleague “behaved in a foolish way, and by his own admission he did so, and has apologised for it”.

However Labour London mayor Sadiq Khan told Politico Mr Wragg should quit if the prime minister doesn’t sack him first.

He told the news website: “I think it’s now at a stage where, as a legislator, he should resign. I think there’s also a question about Rishi Sunak’s judgement.”

Following Mr Wragg’s decision, a senior Tory told Sky News: “Rishi is so weak Wragg decided he’d have to fire himself instead.”

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South Korea to impose bank-level liability on crypto exchanges after Upbit hack: Report

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South Korea to impose bank-level liability on crypto exchanges after Upbit hack: Report

South Korea is preparing to impose bank-level, no-fault liability rules on crypto exchanges, holding exchanges to the same standards as traditional financial institutions amid the recent breach at Upbit.

The Financial Services Commission (FSC) is reviewing new provisions that would require exchanges to compensate customers for losses stemming from hacks or system failures, even when the platform is not at fault, The Korea Times reported on Sunday, citing officials and local market analysts.

The no-fault compensation model is currently applied only to banks and electronic payment firms under Korea’s Electronic Financial Transactions Act.

The regulatory push follows a Nov. 27 incident involving Upbit, operated by Dunamu, in which more than 104 billion Solana-based tokens, worth approximately 44.5 billion won ($30.1 million), were transferred to external wallets in under an hour.

Related: Do Kwon says five-year US sentence is enough as he faces 40 years in South Korea

Crypto exchanges face bank-level oversight

Regulators are also reacting to a pattern of recurring outages. Data submitted to lawmakers by the Financial Supervisory Service (FSS) shows the country’s five major exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, reported 20 system failures since 2023, affecting over 900 users and causing more than 5 billion won in combined losses. Upbit alone recorded six failures impacting 600 customers.

The upcoming legislative revision is expected to mandate stricter IT security requirements, higher operational standards and tougher penalties. Lawmakers are weighing a rule that would allow fines of up to 3% of annual revenue for hacking incidents, the same threshold used for banks. Currently, crypto exchanges face a maximum fine of $3.4 million.

The Upbit breach has also drawn political scrutiny over delayed reporting. Although the hack was detected shortly after 5 am, the exchange did not notify the FSS until nearly 11 am. Some lawmakers have alleged the delay was intentional, occurring minutes after Dunamu finalized a merger with Naver Financial.

Related: South Korea targets sub-$680 crypto transfers in sweeping AML crackdown

South Korea pushes for stablecoin bill

As Cointelegraph reported, South Korean lawmakers are also pressuring financial regulators to deliver a draft stablecoin bill by Dec. 10, warning they will push ahead without the government if the deadline is missed.