Trust between citizens and state destroyed in infected blood scandal
After decades of denial, gaslighting and a chilling cover-up of the plight that befell thousands of victims of the infected blood scandal, finally an apology that sought to begin to make amends on this “day of shame” for the British state.
“I want to speak directly to victims and their families,” said Rishi Sunak. “I want to make a whole-hearted and unequivocal apology for this terrible injustice.
“I am truly sorry.”
It was an apology on behalf of every government stretching back to the 1970s.
Politics live: Thatcher’s health secretary ‘disparaging’ to victims
He also made “two solemn promises” at the dispatch box – comprehensive compensation will be paid and the report will be acted on.
“We must fundamentally rebalance the system so we finally address this pattern so familiar from other inquiries like Hillsborough, where innocent victims have to fight for decades just to be believed,” said the prime minister.
This was the absolute right response. The infected bloods scandal is one of the most horrifying failures of the state to its citizens as – to quote inquiry chairman Sir Brian Langstaff – people were “failed, not once but repeatedly, by their doctors, by the bodies [the NHS and others] responsible for the safety of their treatment, and by their governments”.
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Sunak apologises over infected blood scandal
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There has been untold suffering caused by the very people and institutions that are meant to treat you. That in itself is unconscionable, that it was then covered up in a “subtle, pervasive and chilling way” by the NHS and government – two institutions that should be in the service of citizens – is devastating.
Labour leader Sir Keir Starmer, looking up to address families in the Commons’ gallery, spoke to this betrayal as he told them: “Politics itself has failed you.
“That failure applies to all parties, including my own. There is only one word. Sorry.”
Read more:
Who is criticised in blood inquiry report?
100 faces of the infected blood scandal
This was, for once, a very unpolitical day. All sides aligned, the apology fulsome and heartfelt, and agreement that whoever wins the next general election, compensation will be paid.
Echoing the prime minister, Sir Keir said: “Lessons must be learnt to make sure nothing like this happens again. We must restore the sense that this is a country that can rectify injustice, particularly when carried out by institutions of the state.”
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Starmer: ‘There was systemic failure’
This is a scandal, an injustice, a cover-up that spanned decades, affected 30,000 victims and wreaked devastation on their lives and families.
Monday was the beginning of the end of a fight for justice that has been long fought and hard won. Politicians now must pay the compensation and bring in the reforms.
This scandal was one in which trust between citizens and the state wasn’t just badly broken, it was destroyed.
The report, apology and promise of reparations is perhaps the beginning of trying to both right the wrongs endured by the blood scandal victims, and to begin to address the crisis of trust in government from an electorate that seems to have lost faith in the political class.
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.
Related: Burning Man-inspired festival in Bali goes full Web3: Here’s how
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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