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Rishi Sunak is facing a fresh headache after a Conservative MP was suspended over allegations he misused campaign funds.

The Times newspaper report into Mark Menzies is the latest sleaze row to rock the Tories since the prime minister entered Downing Street with a promise to bring “integrity and accountability” to government.

Having sought to draw a line under the scandal-hit era of Boris Johnson, problems have continued to mount for Mr Sunak.

Sky News looks at the MPs who have been suspended during his time in office so far.

Mark Menzies

Fylde MP Mr Menzies lost the Conservative whip and was suspended as one of Rishi Sunak’s trade envoys after The Times published claims that he had used political donations to cover medical expenses and pay off “bad people” who had locked him in a flat and demanded thousands of pounds for his release.

Mr Menzies, who will now sit as an independent MP, disputes the allegations but “agreed to relinquish the Conservative whip, pending the outcome of an investigation”, Chief Whip Simon Hart said.

Mark Menzies pictured in Peru  in 2020
Pic: AP
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Mark Menzies. Pic: AP

Mr Sunak is facing questions over how the claims were handled, with reports suggesting that the party had been aware of the allegations for more than three months.

Sky News understands there had been an ongoing investigation by Conservative Campaign Headquarters into Mr Menzies, but further information came to light following the newspaper’s report and Mr Hart acted immediately.

William Wragg

William Wragg, the MP for Hazel Grove in Greater Manchester, also gave up the whip after he admitted to The Times he had given his colleagues’ phone numbers to someone he met on a dating app.

The senior backbencher apologised and said the person “had compromising things on me. They wouldn’t leave me alone”.

William Wragg. Pic: PA/UK Parliament
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William Wragg. Pic: PA/UK Parliament

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Wragg praised for dignity

Scotland Yard later 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’s decision to voluntarily give up the whip led to criticism from within Conservative ranks, with a senior Tory source telling Sky News: “Rishi is so weak Wragg decided he’d have to fire himself instead.”

Lee Anderson

Lee Anderson of Reform U.K. party speaks during a press conference.
Pic: Reuters
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Lee Anderson has since defected to Reform UK. Pic: Reuters

Former deputy party chairman Lee Anderson had the whip suspended over “Islamophobic” comments he made about Sadiq Khan.

The MP for Ashfield, who has since defected to the Reform party, said he believed “Islamists” had “got control” of the Mayor of London, saying: “He’s actually given our capital city away to his mates.”

A day later Mr Khan accused the prime minister of being “complicit” in racism for failing to condemn Mr Anderson‘s comments that “pour fuel on the fire of anti-Muslim hatred”.

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Lee Anderson says Reform Party will be ‘a major force’

Mr Anderson was ultimately suspended, with the chief whip Mr Hart saying this was due to his “failure to apologise”.

Mr Anderson said at the time that he “fully” accepts the party had to suspend him – adding that he “will continue to support the government’s efforts to call out extremism in all its forms – be that antisemitism or Islamophobia”.

Scott Benton

Scott Benton was suspended last April after suggesting to undercover reporters at The Times that he would be willing to break lobbying rules for money.

A subsequent parliamentary investigation found he had committed a “very serious breach” of the rules and recommended he be suspended from the Commons for 35 days, a punishment backed by MPs.

Former Tory MP Scott Benton. Pic: PA
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Former Tory MP Scott Benton. Pic: PA

Mr Benton resigned before that could happen, triggering a by-election in his Blackpool South constituency which will coincide with next month’s local elections.

He had denied wrongdoing and appealed the suspension but the ruling was upheld. Had he not resigned, he would have faced being removed from his seat via a re-call petition which would have triggered a by-election if 10% of eligible voters in the area backed it.

Bob Stewart

Bob Stewart, who represents Beckenham in southeast London, surrendered the party whip after he was found guilty of a racially-aggravated public order offence.

MP Bob Stewart. Pic: PA
Image:
MP Bob Stewart. Pic: PA

The conviction was quashed on appeal in February, but he has not had the whip restored.

Mr Stewart was convicted after telling Bahraini refugee Sayed Ahmed Alwadaei to “go back to Bahrain” during the incident in December 2022.

In overturning the decision, Mr Justice Bennathan said that while the words amounted to abuse, it was not believed that they caused Mr Alwadaei harassment, alarm or distress.

Crispin Blunt

Former minister Crispin Blunt had the whip suspended pending the outcome of the police investigation into allegations of rape and possession of controlled substances, which he denies.

crispin blunt tv grab
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Crispin Blunt identified himself as an MP who was arrested last October

The Reigate MP announced his arrest in October, calling it “unnecessary” but saying he was ready to co-operate and “I am confident will end without charge”.

Mr Blunt has said he does not intend to contest the next election. In January he was re-bailed until April.

Peter Bone

Peter Bone
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Peter Bone was removed in a recall petition

Disgraced ex-Tory MP Peter Bone lost his seat after being removed by constituents in a recall petition. The move came after he was suspended as an MP over bullying and sexual misconduct claims, which he denies.

Mr Bone’s partner was chosen to run as his replacement in the subsequent Wellingborough by-election. Labour managed to achieve a swing of 28.5% – the largest swing of this parliament at the time.

Chris Pincher

Chris Pincher
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The Chris Pincher allegations led to the downfall of Boris Johnson

Former deputy chief whip Chris Pincher quit parliament in disgrace after losing his appeal against a suspension from the Commons following groping allegations made in June 2022.

The allegations ultimately led to the downfall of Boris Johnson, after it emerged the then prime minister was aware of an investigation into his conduct three years before, yet still appointed him to a role in his government involving MPs’ welfare.

Mr Pincher did not appeal against the rule breach, but argued to the Independent Expert Panel (IEP) that the punishment was disproportionate.

Newly elected Labour MP Sarah Edwards with party leader Sir Keir Starmer at Tamworth Football Club, after winning the Tamworth by-election. Picture date: Friday October 20, 2023. PA Photo. The seat was vacated following the resignation of Conservative MP Chris Pincher on September 7. See PA story POLITICS Tamworth. Photo credit should read: Jacob King/PA Wire
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Labour won the Tamworth by-election. Pic: PA

His resignation triggered a by-election in his seat in Tamworth in October, which the Tories lost to Labour.

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David Warburton

David Warburton stood down from his seat in Somerton and Frome last summer while being investigated for claims of sexual misconduct. Mr Warburton, who was suspended over the allegations 14 months earlier, denied making unwanted advances but did admit to drug use.

David Warburton MP for Somerton and Frome
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David Warburton, the former MP for Somerton and Frome

In his resignation letter he said he had been denied a fair hearing by the Independent Complaints and Grievance Scheme (ICGS) and prevented from “speaking out” while it investigated the accusations.

An independent panel later found the investigation into claims he sexually harassed someone was “materially flawed“, but said it had made “no findings on the substance of the complaint against the respondent, or the allegation that the complaint was fabricated”.

Julian Knight

Julian Knight
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Julian Knight. Pic: PA

Juian Knight was suspended as a Conservative after a serious sexual assault allegation was made against him.

The MP for Solihull has always maintained his innocence and in April last year, the Metropolitan Police dropped the investigation without questioning him.

But he remained suspended from the Tory party as the chief whip said “further complaints” had been made against him.

Mr Knight announced he would be standing down at the next election as a result.

Andrew Bridgen

Mr Bridgen was kicked out of the Conservative Party last year after comparing COVID vaccines to the Holocaust.

Andrew Bridgen
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Andrew Bridgen was expelled over COVID vaccine comments

The North West Leicestershire MP claimed a “consultant cardiologist” told him COVID jabs were “causing serious harms”, adding that the vaccine programme was “the biggest crime against humanity since the Holocaust”.

He stood by his comments following his expulsion, saying he would use his “newfound freedom” as an independent MP “to fight for justice for all those harmed, injured and bereaved due to governmental incompetence”.

Matt Hancock

Former health secretary Matt Hancock leaving Dorland House in London where he has been giving evidence to the UK Covid-19 Inquiry, during its second investigation (Module 2) exploring core UK decision-making and political governance. Picture date: Friday December 1, 2023.
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Former health secretary Matt Hancock

Matt Hancock resigned as health secretary in disgrace during the pandemic when he was caught having an affair with his aide and now girlfriend, Gina Coladangelo, in breach of his own social distancing rules.

But it was his appearance on reality TV show I’m a Celebrity… Get Me Out of Here! that caused him to lose the whip.

Mr Hancock was heavily criticised by MPs, including Mr Sunak, who said MPs should spend their time “serving constituents”.

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Bitcoin ETFs lose $326M amid ‘evolving’ dynamic with TradFi markets

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Bitcoin ETFs lose 6M amid ‘evolving’ dynamic with TradFi markets

Bitcoin ETFs lose 6M amid ‘evolving’ dynamic with TradFi markets

The evolving relationship between Bitcoin and traditional financial markets is under renewed pressure as global investors flee risk assets amid intensifying US trade tensions.

US-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded their fourth consecutive day of outflows on April 8, with more than $326 million in net redemptions across products, according to data from Farside Investors.

BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw the largest sell-off of over $252 million, its biggest daily outflow since Feb. 26.

Bitcoin ETFs lose $326M amid ‘evolving’ dynamic with TradFi markets

Bitcoin ETF flows, US dollars, millions. Source: Farside Investors

The selling pressure follows US President Donald Trump’s April 2 announcement of sweeping reciprocal import tariffs, which triggered a historic $5 trillion wipeout in the S&P 500 over two days.

Related: Bitcoin may rival gold as inflation hedge over next decade — Adam Back

The delayed crypto market turbulence after the tariff-related sell-off in traditional markets highlights Bitcoin’s “evolving relationship with traditional markets,” according to Lennix Lai, global chief commercial officer at OKX exchange.

Lai told Cointelegraph:

“While falling 26% since January’s inauguration, Bitcoin’s relative resilience in the first two days following the tariff announcement — dropping 6% compared to Nasdaq’s 11% decline — suggests a nuanced dynamic emerging between crypto and conventional assets.”

Bitcoin initially remained firmly above the $82,000 support level but plummeted below $75,000 on Sunday, April 6.

Bitcoin ETFs lose $326M amid ‘evolving’ dynamic with TradFi markets

BTC/USD, 1-year chart. Source: Cointelegraph Markets Pro

Some industry leaders attributed Sunday’s sell-off to Bitcoin’s 24/7 liquidity mechanics, which made BTC the only large liquid asset available for de-risking over the weekend.

Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes

Bitcoin remains tied to global liquidity conditions

While there is an “encouraging sign” of a weakening correlation between Bitcoin and equities, Bitcoin’s price trajectory remains tied to global liquidity conditions, Lai said, adding:

“Though I see early signs of divergence, I believe Bitcoin remains fundamentally tied to global liquidity conditions, warranting caution amid potential market stresses — whilst gold remains as a hedge against geopolitical instability.”

“What’s most significant here isn’t just price action but Bitcoin’s growing conceptual influence — people increasingly view it as a valid strategic reserve asset for diversification in chaotic traditional markets,” Lai added.

Other analysts also see the growing money supply as Bitcoin’s main catalyst.

“Bitcoin trades solely based on the market expectation for the future supply of fiat,” according to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

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EU markets regulator says crypto may cause ‘broader stability issues’ as market grows

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EU markets regulator says crypto may cause ‘broader stability issues’ as market grows

EU markets regulator says crypto may cause ‘broader stability issues’ as market grows

The European Securities and Markets Authority (ESMA) has warned that crypto will increasingly threaten traditional financial markets’ stability as the industry grows and becomes more entwined with traditional finance players.

“We cannot rule out that future sharp drops in crypto prices could have knock-on effects on our financial system,” ESMA’s executive director Natasha Cazenave said in an April 8 statement to the Economic and Monetary Affairs Committee.

Cazenave noted, however, that crypto currently only accounts for 1% of global financial assets and is not yet significant enough to cause major “spillover effects” into traditional financial markets.

She warned that interconnections between crypto and traditional markets are rapidly growing — particularly in the more crypto-friendly US — and called for closer monitoring.

“Crypto-assets markets evolve quickly, in an often unpredictable manner, and we need to keep a close eye on these developments,” Cazenave said, adding:

“Turmoil, even in small markets, can originate or catalyze broader stability issues in our financial system.”

Cazenave’s concerns ranged from spot crypto exchange-traded funds and stablecoin use to hacks, scams and scandals — highlighting the recent $1.4 billion Bybit exploit and FTX’s collapse in November 2022.

The European Union has already implemented several measures to safeguard against crypto risks, most notably the Markets in Crypto-Assets (MiCA) regulation that was rolled out last year.

While Cazenave said MiCA marked a “breakthrough” for crypto regulation, she added that there is “no such thing as a safe crypto-asset” and that more rules may need to be implemented to mitigate future risks.

Related: EU could fine Elon Musk’s X $1B over illicit content, disinformation

Her comments come as both crypto and the stock markets have experienced double-digit falls over the last few weeks as the Trump administration continues to follow through on its tariff plans.

Europe lags US in crypto adoption

While crypto adoption has accelerated in the US, Cazenave noted that over 95% of European banks remain on the sidelines, with no involvement in crypto-related activities.

However, retail participation is on the rise, with an estimated 10% to 20% of European investors having crypto exposure, which is in line with growing global interest, Cazenave said.

Most reports measuring US crypto adoption suggest that the range of adoption is between 15% and 28% of the population.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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Shaquille O’Neal gets judge’s greenlight for $11M Astrals NFT settlement

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Shaquille O’Neal gets judge’s greenlight for M Astrals NFT settlement

Shaquille O’Neal gets judge’s greenlight for M Astrals NFT settlement

Former NBA star Shaquille O’Neal has been granted final court approval to settle a class-action lawsuit for $11 million with Astrals non-fungible token (NFT) buyers.

Florida federal court judge Federico Moreno granted approval of the settlement between O’Neal and the class group led by Daniel Harper in an April 1 order made available on April 8.

The deal created a fund of up to $11 million for eligible class members and awarded $2.9 million in attorney fees and costs. All those who purchased Astrals NFTs from May 2022 to Jan. 15 and those who purchased the project’s native GLXY tokens up until mid-January are eligible. 

“The fee sought by lead class counsel has been reviewed and approved as fair and reasonable by plaintiffs,” Moreno’s order read.

O’Neal was hit with the lawsuit in May 2023 over his founding and promotion of the Solana-based Astrals NFT project, which the suit claimed was an “offer and sale of unregistered securities.”

The class group said they bought Astrals NFTs and “suffered investment losses” due to O’Neal’s “conduct” in promoting the project.

In August, Judge Moreno recognized that the class suit had alleged that the former NBA player was a seller of the NFTs. O’Neal agreed to the settlement in November.

Shaquille O’Neal gets judge’s greenlight for $11M Astrals NFT settlement

Screenshot from court order on final settlement. Source: Courtlistener

NFT sales slump

The Astrals NFT collection consisted of 10,000 unique 3D digital collectibles created in April 2022 by the artist Damien Guimoneau in a Solana-based project that promoted a virtual world where users could socialize and play with others, including the basketball star. 

Related: NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend 

There has been no activity or sales from the collection for the past two years, according to NFT marketplace OpenSea. 

Overall, NFT sales are still in deep bear market territory, with just $27 million sold as of April 7, down from more than $2 billion per week at the end of 2021, according to CryptoSlam.

Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame

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