Rishi Sunak needs to learn voters aren’t always governed by the logic of the computer

Published

12 months ago

April 28, 2024

admin

I’ve known Rishi Sunak slightly for almost a decade, having first met him after he penned a thoughtful, comprehensive, well-received report on Britain’s minority communities, which I’d say is still the best of its kind.

Sitting down to interview him in a state-of-the-art defence facility this week, I could still see the same energetic, likeable problem solver that I met back then, even if he’s now surrounded by the prime ministerial cavalcade of aides, security and media.

That Peloton and fasting regime are clearly doing their job. He’s keen to show his detailed grasp of the situation, whether that’s welfare reform, defence or migration. It’s easy to see why he shone in Silicon Valley and thrived in the Treasury.

However, in the political world he chose, there’s a downside to being highly intelligent, disciplined, and super-focused on delivery, as they might say in California.

He betrays frustration with what he – not wholly unjustifiably – sees as a media obsession with polls and presentation.

Unfortunately, as Enoch Powell once pointed out, a politician who complains about journalists is like a sailor who doesn’t much fancy being at sea.

He rightly points out that it’s his job to make hard choices – for example, funding the defence budget even if it’s at the expense of schools and hospitals.

But a political leader should also know that what follows is an even harder job: to cajole the electorate into supporting that choice – and the voters aren’t always governed by the logic of the computer.

So far, the Tory leader has yet to persuade the public to see the virtue of the plan he mentions several times in every public appearance.

? Listen above then tap here to follow Electoral Dysfunction wherever you get your podcasts ?

His party languishes 20 points adrift of Labour, and despite a flurry of policy announcements in recent days, the Tories seem heading for a drubbing in next week’s mayoral and council elections.

He’s lost six by-elections and looks certain to lose another this week.

Undoubtedly some of the problem is the party he leads; most of the by-elections were caused by what used to be called “conduct unbecoming” – financial or sexual shenanigans – by his own MPs.

He isn’t being helped by being a young PM with five living predecessors from his own party. He’s recruited one – David Cameron – to his administration, but there are still three who are never slow in pointing out how they would have done things better.

But even many loyal supporters are beginning to ask if the problem for the Tories is not the followers, but the leader.

There is no doubt that Sunak is a huge contrast to his immediate predecessors. His private life seems uncomplicated and joyous, and despite never having qualified as an accountant, he’s unlikely ever to cause Truss-level panic in the markets.

But political missteps keep coming. Even in our interview, it may have been right to say that the new flow of illegal migrants into Ireland is some kind of proof that the threat of deportation to Rwanda is beginning to bite.

But to position Ireland’s discomfort at our exporting asylum seekers to the Republic is, at the very least, undiplomatic.

Perhaps, as one senior Tory parliamentarian said to me this week, Rishi Sunak should have remained in his former post, and been remembered as the chancellor who saw us through COVID, then steered us to economic stability.

The danger now is that, unless he stages an unlikely turnaround in the Tories’ fortunes, he will go down in history as the prime minister who took his party into a lengthy spell in the wilderness against a Labour opposition that no one would describe as inspiring.

Watch Rishi Sunak’s full interview on Sunday Morning with Trevor Phillips at 8.30am

Politics

Solana’s Loopscale pauses lending after $5.8M hack

Published

3 hours ago

April 26, 2025

admin

<div>Solana's Loopscale pauses lending after .8M hack</div>

Solana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit.

On April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a “series of undercollateralized loans”, Loopscale co-founder Mary Gooneratne said in an X post.

The exploit only impacted Loopscale’s USDC and SOL vaults and the losses represent around 12% of Loopscale’s total value locked (TVL), Gooneratne added.

Loopscale is “working to resume repayment functionality as soon as possible to mitigate unforeseen liquidations,” its said in an X post.

“Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” Gooneratne said.

Solana's Loopscale pauses lending after $5.8M hack — *Loopscale’s ‘Genesis’ lending vaults. Source: Loopscale*

In the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and on-chain smart contracts, blockchain security firm PeckShield said in an April report.

More than 90% of those losses are attributable to a $1.5 billion attack on ByBit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.

Unique DeFi lending model

Launched on April 10 after a six-month closed beta, Loopscale is a DeFi lending protocol designed to enhance capital efficiency by directly matching lenders and borrowers.

It also supports specialized lending markets, such as “structured credit, receivables financing, and undercollateralized lending,” Loopscale said in an April announcement shared with Cointelegraph.

Loopscale’s order book model distinguishes it from DeFi lending peers such as Aave that aggregate cryptocurrency deposits into liquidity pools.

Loopscale’s main USDC and SOL vaults yield APRs exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL and BONK (BONK) and looping strategies for upwards of 40 different token pairs.

The DeFi protocol has approximately $40 million in TVL and has attracted upwards of 7,000 lenders, according to researcher OurNetwork.

Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22

Politics

US Senator calls for Trump impeachment, cites memecoin dinner

Published

7 hours ago

April 26, 2025

admin

US Senator calls for Trump impeachment, cites memecoin dinner

United States Senator Jon Ossoff expressed support for impeaching President Donald Trump during an April 25 town hall, citing the President’s plan to host a private dinner for top Official Trump memecoin holders.

“I mean, I saw just 48 hours ago, he is granting audiences to people who buy his meme coin,” said Ossoff, a Democrat, according to a report by NBC News.

“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense.”

Senator Ossoff said he “strongly” supports impeachment proceedings during a town hall in the state of Georgia, where he is running for reelection to the Senate.

The Senator added that an impeachment is unlikely unless the Democratic Party gains control of Congress during the US midterm elections in 2026. Trump’s own Republican Party currently has a majority in both the House of Representatives and the Senate.

Conflicts of interest

On April 23, the Official Trump (TRUMP) memecoin’s website announced plans for Trump to host an exclusive dinner at his Washington, DC golf club with the top 220 TRUMP holders.

The website subsequently posted a leaderboard tracking top TRUMP wallets and a link to register for the event. The TRUMP token’s price has gained more than 50% since the announcement, according to data from CoinMarketCap.

The specific guest list is unclear, but the memecoin’s website states that applicants must pass a background check, “can not be from a [Know Your Customer] watchlist country,” and cannot bring any additional guests.

On April 25, the team behind TRUMP denied social media rumors that TRUMP holders need at least $300,000 to participate in an upcoming dinner with the president.

“People have been incorrectly quoting #220 on the block explorer as the cutoff. That’s wrong because it includes things like locked tokens, exchanges, market makers, and those who are not participating. Instead, you should only be going off the leaderboard,” they wrote.

Law, Politics, Senate, Donald Trump, trumpcoin, Memecoin — *The TRUMP token jumped on news of the private dinner plans. Source:* *CoinMarketCap*

Legal experts told Cointelegraph that Trump’s cryptocurrency ventures, including the TRUMP memecoin and Trump-affiliated decentralized finance (DeFi) protocol World Liberty Financial, raise significant concerns about potential conflicts of interest.

“Within just a couple of days of him taking office, he’s signed a number of executive orders that are significantly going to affect the way that our crypto and digital assets industry works,” Charlyn Ho of law firm Rikka told Cointelegraph in February.

“So if he has a personal pecuniary benefit arising from his own policies, that’s a conflict of interest.”

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Politics

Crypto sentiment recovers, but weekend liquidity risks remain

Published

9 hours ago

April 26, 2025

admin

Crypto sentiment recovers, but weekend liquidity risks remain

Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.

Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”

However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:

“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.”

“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.

Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.

Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.

The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.

“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.

“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.

Crypto investors may have “maxed out on tariff-related fears”

Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.

“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:

“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”

“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.

Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.

The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.