Mark Menzies: Tory activist who reported MP over alleged misuse of funds disappointed by party response
A Tory activist who reported an MP over claims he misused party funds has told Sky News she is disappointed by the way her complaint has been handled.
Mark Menzies voluntarily quit the Conservative parliamentary party this week after a report in The Times claimed he called his ex-campaign manager Katie Fieldhouse, 78, early one day to say he was locked in a flat by “bad people” and needed £5,000 as a matter of “life and death”.
The sum, which rose to £6,500, was eventually paid by his office manager from her personal bank account and subsequently reimbursed from funds raised from donors in an account named Fylde Westminster Group, the newspaper said.
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But despite the incident taking place in December – and Ms Fieldhouse submitting her complaint in January – the Fylde MP had remained part of the parliamentary party and as a trade envoy for the government until the press reports surfaced.
He has now lost the Conservative whip and was suspended as one of Rishi Sunak’s envoys.
Mr Menzies strongly disputes the claims, which also include accusations he used campaign funds to pay his personal medical bills.
Speaking to Sky News’ Frazer Maude, Ms Fieldhouse said: “I am feeling dreadful because I am a devout Tory and as I have said to everybody else, I reported his actions to the chief whip… it is now the middle of April.
“Come to your own conclusions [about] what is happening.”
Asked if she was disappointed with the way the complaint was being handled, she said: “Yes.”
And asked if Mr Menzies should step down, she added: “It is for his conscience and the party to deal with. I have put my faith in the party, it is for them to deal with it.”
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Mr Sunak was also asked by reporters on Friday whether his former colleague should quit the Commons, and why it had taken until now for the party to act, but he said he would not comment while an investigation was being carried out.
Instead, the prime minister said: “It’s right that Mark Menzies has resigned the Conservative whip. He’s been suspended from his position as a trade envoy whilst the investigations into those allegations continue.
“For our part, I can’t comment on an ongoing investigation while it’s happening and he’s no longer a Conservative MP.”
Meanwhile, the Labour Party has written to Lancashire Police to demand an investigation into allegations of fraud and misconduct in public office.
Leader Sir Keir Starmer told broadcasters that the Conservatives “seem to have sat on their hands” over the allegations.
He added: “If they thought they could sweep this under the carpet somehow they were obviously very mistaken and that is why I think there are very serious questions now that need to be answered – not just by the individual but also by the government on this.”
And the Liberal Democrats have called for the ministerial ethics adviser to investigate chief whip Simon Hart’s handling of the complaint.
KuCoin announced an exclusive multiyear deal with Tomorrowland Winter and Tomorrowland Belgium from 2026 to 2028, making the exchange the music festival’s exclusive crypto and payments partner.
The move comes just weeks after KuCoin secured a Markets in Crypto-Assets Regulation (MiCA) service provider license in the European Union.
KuCoin’s MiCA play goes mass‑market
KuCoin EU Exchange recently obtained a crypto asset service provider license in Austria under the EU’s MiCA regime, giving it a fully regulated foothold in the bloc as Brussels’ new rulebook for exchanges, custody and stablecoins comes into force.
The Tomorrowland deal signals how KuCoin plans to use that status, not just to run a compliant trading venue, but to plug crypto rails directly into mainstream culture.
KuCoin said the Tomorrowland deal will cover Tomorrowland Winter 2026 in Alpe d’Huez, France, and Tomorrowland Belgium 2026 in Boom, Belgium, with the same arrangement continuing through 2028.
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From sponsorship to payment rails
KuCoin insists this is not just a logo play. A spokesperson at KuCoin told Cointelegraph that as an exclusive payments partner, the exchange is working with Tomorrowland to weave crypto into the festival’s existing payments stack so that “financial tools” sit behind the scenes of ticketing, merch and food and drink.
The stated goal is to keep the rails “intuitive and invisible,” rather than forcing festivalgoers through clunky wallets or unfamiliar flows, with KuCoin positioning itself as facilitating the secure and efficient movement of value while fans focus on the music.
The company declined to spell out exactly which assets and rails will be supported on‑site, or whether every purchase will run natively onchain, but said that KuCoin’s “Trust First. Trade Next.” mantra runs through its messaging.
The spokesperson stressed advanced security, multi‑layer protection and adherence to EU standards as the foundation for taking crypto beyond the trading screen and into live events.
Related: What is Markets in Crypto-Assets (MiCA)?
Learning from FTX’s Tomorrowland flop
Tomorrowland’s organizers have been here before. In 2022, the festival announced a Web3 partnership with FTX Europe that promised NFTs and “the future of music festivals” before collapsing along with the exchange itself months later.
That experience makes the choice of a MiCA‑licensed partner, and the emphasis on user protection, more than cosmetic; it is a second attempt at bridging culture and crypto (this time with regulatory scaffolding and clearer guardrails).
Rather than setting public hard targets for user numbers or payment volumes by 2028, KuCoin is pitching success as “seamless integration” of crypto into the festival experience:
“We aim to demonstrate that digital assets can be a core component of global digital finance, moving from a niche technology to a mainstream utility. “
Related: Spain’s regulator sets out MiCA transition rules for crypto platforms
Screenshots of an internal email outlining plans to wind down Shima Capital have surfaced online, days after the US Securities and Exchange Commission sued the crypto venture firm and its founder over allegations of investor fraud.
On Nov. 25, the SEC charged Shima Capital Management LLC and its founder, Yida Gao, with making false and misleading statements while raising almost $170 million from investors, the agency announced on Dec. 3.
The complaint, filed in the US District Court for the Northern District of California, alleged that Gao inflated his investment track record in marketing materials used to raise capital for Shima Capital Fund I between 2021 and 2023.
According to the SEC, Gao claimed one prior investment had delivered a 90x return, when the actual return was closer to 2.8x. The regulator also alleged that when discrepancies in the pitch deck were about to be reported publicly, Gao told investors the issues were the result of clerical errors.
SEC alleges $1.9 million undisclosed gain
Separately, the SEC claimed that Gao raised about $11.9 million through a special purpose vehicle tied to BitClout tokens, telling investors that they would be protected by discounted token purchases. While Gao did acquire tokens at a discount, the SEC said he sold them to the SPV at a higher price without disclosing that he personally retained about $1.9 million in profits.
Related: Crypto fundraising sets new record of $3.5B in a single week
In a Wednesday post on X, crypto journalist Kate Irwin shared screenshots of an email allegedly sent by Gao to portfolio founders. In the screenshots, Gao purportedly said he would step down as managing director of Shima Capital and that the fund would undergo an “orderly wind-down.”
The screenshots purportedly show Gao stating that the SEC and Department of Justice actions are related to his personal conduct, not that of Shima Capital’s portfolio companies, and claiming that no fines have been imposed on the company.
The screenshots also show that independent advisers from FTI Consulting and FTI Capital Management would oversee the wind-down process and monetization of investments, while Shima’s finance team would remain in place. Gao allegedly said he would remain involved with portfolio support “as permitted,” but without management control.
Cointelegraph could not independently verify the email. We reached out to Shima Capital and some of the fund’s portfolio companies for confirmation, but had not received responses at the time of publication.
Related: A beginners guide on raising funds using cryptocurrencies
Shima Capital launched with $200 million debut fund
In 2022, Shima Capital announced the launch of its first venture fund, Shima Capital Fund I, raising $200 million to back early-stage blockchain startups. Founded in 2021 by Gao, the firm said the fund received backing from a range of prominent investors, including Dragonfly Capital, Animoca Brands, OKX Blockdream Capital, Republic and Andrew Yang.
Shima Capital has invested in numerous crypto projects, including Humanity Protocol, Berachain, Monad, Pudgy Penguins, Shiba Inu and many others.
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