Sir Keir Starmer is celebrating the third defection by a Tory to Labour in just over a month.
Mark Logan, who was elected Conservative MP for Bolton North East in 2019, has told Sky News he is quitting the Tories and is urging people to vote Labour in the general election on 4 July.
In recent months he has been a fierce critic of the government’s policy on Gaza and is now calling on the UK to recognise Palestine as a country.
Northern Ireland-born Mr Logan, 40, won his seat from Labour in the 2019 general election with a slender majority of just 378. It had been Labour since 1997 but was previously held by the Tories.
A former UK diplomat serving in China who is fluent in Mandarin and Japanese, his dramatic switch follows secret talks with Labour chief whip Sir Alan Campbell and members of Sir Keir’s inner circle.
Mr Logan had been due to defend the seat in the general election, but after his shock defection, he hopes to become a Labour candidate in another constituency.
Image: Natalie Elphicke defected to Labour earlier this month. Pic: PA
In a “personal statement” on Commons stationery written just before parliament dissolved on Thursday, Mr Logan referred to Labour’s 1997 election anthem Things Can Only Get Better.
He wrote: “Labour is back, and given how things have been, I believe things can only get better.
“After much soul-searching throughout my first term in parliament, brought to a head with the calling of a snap election last week, I have concluded that we need a new government and I believe the UK will be best served with that government being a Labour government.
“We need renewed enthusiasm and optimism in both tone and in policy, and I believe that we are already seeing this through Keir Starmer and the team.
“I am resigning from the Conservative Party with immediate effect. Regrettably, I will therefore not contest our constituency at the upcoming general election.”
And he concluded: “The first time I voted, I voted for Labour. The next time I vote it will be a vote for Labour.”
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Besides the obvious humiliation for Rishi Sunak, the latest defection is also embarrassing for the prime minister because Mr Logan is a junior member of the government, a parliamentary private secretary to ministers in the Department for Work and Pensions.
Image: Dr Dan Poulter also defected to Labour. Pic: PA
Since the Hamas attacks on Israel on 7 October last year, Mr Logan – whose constituency has a large Muslim population – has been increasingly critical of UK policy and the actions of the Israeli government during its response in Gaza.
In the controversial Commons debate in February on an SNP motion demanding an immediate ceasefire, he dramatically broke ranks with his own party and said Israel had “gone too far”.
In defiance of government policy, he told MPs: “I no longer in good conscience can continue backing in public the line that we have taken on this side of the House, regrettably.”
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In a TV interview in March, Mr Logan also accused Lee Anderson of Islamophobia and said he should apologise for claims he made about London mayor Sadiq Khan after defecting from the Tories to Reform UK.
And in his final Commons intervention on Gaza, two days before Mr Sunak’s shock general election announcement, Mr Logan angrily challenged Andrew Mitchell, the deputy foreign secretary.
“My constituents in Bolton are livid today,” he declared at the time, “because they have seen through the International Criminal Court that there is evidence that ‘acts were committed… to use starvation as a method of war’, along with violence.
“Evidence of the collective punishment of the civilian population of Gaza and evidence that Israel has intentionally and systematically deprived the civilian population in all parts of Gaza of objects indispensable to human survival.
“Never mind being on the right side of history, will we ensure that we are on the right side of the present?”
A group of investors with cryptocurrency custody and trading firm Bakkt Holdings filed a class-action lawsuit alleging false or misleading statements and a failure to disclose certain information.
Lead plaintiff Guy Serge A. Franklin called for a jury trial as part of a complaint against Bakkt, senior adviser and former CEO Gavin Michael, CEO and president Andrew Main, and interim chief financial officer Karen Alexander, according to an April 2 filing in the US District Court for the Southern District of New York.
The group of investors allege damages as the result of violations of US securites laws and a lack of transparency surrounding its agreement with clients: Webull and Bank of America (BoA).
April 2 complaint against Bakkt and its executives. Source: PACER
The loss of Bank of America and Webull will result “in a 73% loss in top line revenue” due to the two firms making up a significant percentage of its services revenue, the investor group alleges in the lawsuit. The filing stated Webull made up 74% of Bakkt’s crypto services revenue through most of 2023 and 2024, and Bank of America made up 17% of its loyalty services revenue from January to September 2024.
Bakkt disclosed on March 17 that Bank of America and Webull did not intend to renew their agreements with the firm ending in 2025. The announcement likely contributed to the company’s share price falling more than 27% in the following 24 hours. The investors allege Bakkt “misrepresented the stability and/or diversity of its crypto services revenue” and failed to disclose that this revenue was “substantially dependent” on Webull’s contract.
“As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages,” said the suit.
Other law offices said they were investigating Bakkt for securities law violations, suggesting additional class-action lawsuits may be in the works. Cointelegraph contacted Bakkt for a comment on the lawsuit but did not receive a response at the time of publication.
The new trade tariffs announced by US President Donald Trump may place added pressure on the Bitcoin mining ecosystem both domestically and globally, according to one industry executive.
While the US is home to Bitcoin (BTC) mining manufacturing firms such as Auradine, it’s still “not possible to make the whole supply chain, including materials, US-based,” Kristian Csepcsar, chief marketing officer at BTC mining tech provider Braiins, told Cointelegraph.
On April 2, Trump announced sweeping tariffs, imposing a 10% tariff on all countries that export to the US and introducing “reciprocal” levies targeting America’s key trading partners.
Community members have debated the potential effects of the tariffs on Bitcoin, with some saying their impact has been overstated, while others see them as a significant threat.
Tariffs compound existing mining challenges
Csepcsar said the mining industry is already experiencing tough times, pointing to key indicators like the BTC hashprice.
Hashprice — a measure of a miner’s daily revenue per unit of hash power spent to mine BTC blocks — has been on the decline since 2022 and dropped to all-time lows of $50 for the first time in 2024.
According to data from Bitbo, the BTC hashprice was still hovering around all-time low levels of $53 on March 30.
Bitcoin hashprice since late 2013. Source: Bitbo
“Hashprice is the key metric miners follow to understand their bottom line. It is how many dollars one terahash makes a day. A key profitability metric, and it is at all-time lows, ever,” Csepcsar said.
He added that mining equipment tariffs were already increasing under the Biden administration in 2024, and cited comments from Summer Meng, general manager at Chinese crypto mining supplier Bitmars.
“But they keep getting stricter under Trump,” Csepcsar added, referring to companies such as the China-based Bitmain — the world’s largest ASIC manufacturer — which is subject to the new tariffs.
Trump’s latest measures include a 34% additional tariff on top of an existing 20% levy for Chinese mining imports. In response, China reportedly imposed its own retaliatory tariffs on April 4.
BTC mining firms to “lose in the short term”
Csepcsar also noted that cutting-edge chips for crypto mining are currently massively produced in countries like Taiwan and South Korea, which were hit by new 32% and 25% tariffs, respectively.
“It will take a decade for the US to catch up with cutting-edge chip manufacturing. So again, companies, including American ones, lose in the short term,” he said.
Csepcsar also observed that some countries in the Commonwealth of Independent States region, including Russia and Kazakhstan, have been beefing up mining efforts and could potentially overtake the US in hashrate dominance.
“If we continue to see trade war, these regions with low tariffs and more favorable mining conditions can see a major boom,” Csepcsar warned.
As the newly announced tariffs potentially hurt Bitcoin mining both globally and in the US, it may become more difficult for Trump to keep his promise of making the US the global mining leader.
Trump’s stance on crypto has shifted multiple times over the years. As his administration embraces a more pro-crypto agenda, it remains to be seen how the latest economic policies will impact his long-term strategy for digital assets.
Cryptocurrency exchange OKX is under renewed regulatory scrutiny in Europe after Maltese authorities issued a major fine for violations of Anti-Money Laundering (AML) laws.
Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based subsidiary — 1.1 million euros ($1.2 million) after detecting multiple AML failures on the platform in the past, the authority announced on April 3.
While admitting that OKX has significantly improved its AML policies in the past 18 months, the authority “could not ignore” its past compliance failures from 2023, “some of which were deemed to be serious and systematic,” the FIAU notice said.
The news of the $1.2 million penalty in Malta came after Bloomberg in March reported that European Union regulators were probing OKX for laundering $100 million in funds from the Bybit hack.
Bybit CEO Ben Zhou previously claimed that OKX’s Web3 proxy allowed hackers to launder about $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack that occurred in February.
This is a developing story, and further information will be added as it becomes available.