Reform candidate quits and backs Tories – as Nigel Farage says some BNP supporters ‘gravitate’ to his party

Published

11 months ago

June 30, 2024

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A Reform UK candidate has disowned the party and is backing the Conservatives amid a row over racism.

Liam Booth-Isherwood, who was standing in the seat of Erewash, announced he was dropping out of the race and would instead be endorsing the Tory contender Maggie Throup to “stop Labour”.

He said he had become “increasingly disillusioned” with the behaviour of the party and accused leader Nigel Farage of not taking it seriously.

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It follows the controversy over a Reform canvasser who was caught making a racial slur about the prime minister in an undercover investigation.

Reform UK has also had to drop several election candidates because of racist remarks they have made.

Mr Booth-Isherwood said in a statement: “I am today announcing my decision to leave the Reform Party and have suspended my campaign as the Reform candidate for Erewash with immediate effect.

“Over the past few weeks, I have been increasingly disillusioned with the behaviour and conduct of Reform.

“Whilst I have campaigned alongside many decent, honest and hardworking people during the course of the General Election campaign in Erewash, the reports of widespread racism and sexism in Reform have made clear that there is a significant moral issue within certain elements of the party, and the failure of the party’s leadership to not only take this matter seriously, but also to fundamentally address it, has made clear to me that this is no longer a party I want to be associated with.

“As a result, I am announcing my endorsement of the Conservative Party candidate, Maggie Throup, for Erewash. Only she can stop Labour.”

Mr Farage has faced criticism from across the political divide for failing to tackle accusations of racism within Reform, which have engulfed the party in recent days.

On Sunday he insisted the “bad apples are gone” from the party and denied “fanning the flames” of prejudice.

The row centres on an undercover investigation by Channel 4 last week which showed Reform activist Andrew Parker using the racial slur “P***” to describe the prime minister, describing Islam as a “disgusting cult”, and saying the army should “just shoot” migrants crossing the Channel.

Another canvasser described the Pride flag as “degenerate” and suggested members of the LGBT community are paedophiles.

Reform UK withdrew support on Saturday from three candidates over racist remarks, including one who allegedly said black people should “get off [their] lazy arses” and stop acting “like savages”.

On Sunday Mr Farage defended his handling of the row, telling Sky News’ Sunday Morning with Trevor Phillips: “Political parties attract all sorts of people. I always think politics brings out the best and the worst in people and I am not fanning the flames of anything. I want unity in this country.”

Pressed on why his party seems to attract people who hold extremist views, the former UKIP leader claimed it was because he had driven the British Nationalist Party (BNP) “out as an electoral force”.

“Ironically, destroying the BNP means people who are minded that way don’t any longer have a home to go to, and so some will gravitate in our direction,” he added.

He went on to say that “anybody who has a racist point of view, I don’t want to know”.

He added: “I want to live, Trevor, in a country that is literally colour-blind. I couldn’t care less what colour you are. I’m not interested in what sexuality you have. Let’s treat everybody equally. That is my agenda.”

‘Bad apples gone from Reform’

Speaking later, to a crowd of 5,000 supporters at his “biggest ever rally” this afternoon, Mr Farage repeated his claim Mr Parker is a “paid actor” and part of a “deliberate attempt to derail our campaign” – something C4 and Mr Parker has denied.

In reference to the election betting scandal he added: “Have we had a few bad apples? We have, although to my knowledge nobody involved in an organised betting ring is standing for us.

“I have to say, the bad apples are gone. We’ll never have them back.”

The rally came after the prime minister bolstered his attack on Mr Farage, saying he had shown “no contrition or remorse”.

Rishi Sunak on Friday took the decision to repeat the slur made about him to “call out what it was”.

Asked how the Reform row was different to the case of Frank Hester, a Tory donor who allegedly made racist comments about Diane Abbott, he told the BBC’s Laura Kuenssberg: “The difference is that Nigel Farage has just described these comments [by Mr Parker] as inappropriate.

“They’re not inappropriate. They were vile and racist and wrong.

“The person who made them has only apologised to the Reform Party for the impact it’s had on them. It’s a very clear difference. There is no contrition or remorse and or acceptance of what’s happened in that case.”

Mr Hester, who has donated £15m to the Tory party, apologised for comments he made about Ms Abbott, but claimed they “had nothing to do with her gender nor colour of skin”.

Mr Sunak was criticised for the way he initially responded to the allegations about the major party donor, before eventually condemning the remarks as “racist”.

Politics

Everstake defends non-custodial staking as SEC weighs industry input

Published

4 hours ago

May 17, 2025

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Everstake defends non-custodial staking as SEC weighs industry input

The US Securities and Exchange Commission (SEC) has held discussions with Everstake, one of the largest non-custodial staking providers globally, to explore clearer regulatory definitions around staking in blockchain networks.

The meeting, which also involved the SEC’s Crypto Task Force, comes at a time when over $193 billion in digital assets are staked across major proof-of-stake (PoS) networks.

However, despite the massive scale of participation, staking remains in a legal gray zone in the US as regulators wrestle with its classification under existing securities law.

The previous SEC administration also took enforcement actions against major players such as Kraken, Coinbase, and Consensys due to their staking services. The agency, under pro-crypto President Donald Trump, has recently dismissed these enforcement actions.

During the meeting, Everstake told the SEC that non-custodial staking should not be classified as a securities transaction. The company said that users maintain full control over their digital assets throughout the staking process and do not transfer ownership to a third party.

They argued that this makes staking a technical function, not an investment product.

“Our main assertion is that staking is not a financial instrument or security transaction, but rather a technical process, a base-layer protocol mechanism—akin to an oracle in a database—that maintains the integrity and functionality of decentralized networks,” Everstake founder Sergii Vasylchuk told Cointelegraph.

Everstake calls for regulatory clarity

In a letter submitted to the SEC’s Crypto Task Force on April 8, 2025, Everstake asked the agency to extend regulatory clarity to non-custodial staking and custodial and liquid staking models.

In the letter, which came in respond to Commissioner Hester Peirce’s call for input on regulatory treatment of blockchain services, Everstake argued that non-custodial staking should not be considered a securities offering.

It claimed that non-custodial staking, where users retain control of their tokens, does not involve the pooling of assets or the expectation of profits from managerial efforts.

In its model, Everstake said users delegate only validation rights while maintaining ownership of their digital assets. The staking rewards are algorithmically distributed by the blockchain network itself, and the firm merely provides technical infrastructure.

Non-custodial staking fails the Howey test

The letter also details why non-custodial staking fails each prong of the Howey test. Users do not make an investment of money in a common enterprise, do not expect profits from Everstake’s efforts, and are not dependent on the company’s management for financial returns.

Instead, any rewards come from network-level incentives and fluctuate with the market value of the underlying asset.

Everstake proposes specific criteria that should exempt non-custodial staking from securities classification. These include user asset control, absence of pooled funds, permissionless unstaking, and the provision of purely technical services.

It likens non-custodial staking to proof-of-work mining, which the SEC has previously ruled out as a securities transaction.

Margaret Rosenfeld, Everstake’s chief legal officer, also told Cointelegraph that “with non-custodial staking, there’s no handover of assets, no investment contract, and no third-party risk.” She added:

“Treating it as a securities offering undermines the decentralized model and risks chilling innovation in the blockchain sector.”

Nevertheless, the SEC has so far withheld a definitive stance. Rosenfeld said that the agency did not make any “specific commitments” on staking guidance. However, it continues to listen to industry stakeholders.

“The Task Force is actively engaging with a range of stakeholders—including those involved with non-custodial staking, ETFs, and broader blockchain infrastructure—to gather input.”

In an April 30 letter to the SEC, nearly 30 crypto advocate groups led by the lobby group the Crypto Council for Innovation (CCI) asked the agency for clear regulatory guidance on crypto staking and staking services.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Politics

New Zealand man arrested in $265M crypto scam tied to FBI probe

Published

6 hours ago

May 17, 2025

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New Zealand man arrested in 5M crypto scam tied to FBI probe

A man from Wellington, the capital city of New Zealand, has been arrested in connection with an FBI-led investigation into a global cryptocurrency fraud operation that allegedly stole $450 million New Zealand dollars ($265 million).

According to New Zealand Police, the man is one of 13 individuals charged after authorities executed search warrants across Auckland, Wellington, and California over the past three days.

The charges stem from allegations that members of an organized criminal group manipulated seven victims to obtain large amounts of cryptocurrency, which was then laundered through multiple platforms between March and August 2024.

The US Department of Justice has indicted the man under federal law, including charges of racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering, per the announcement.

New Zealand man arrested in $265M crypto scam tied to FBI probe — *Source: New Zealond Police*

Scammer used stolen funds to purchase luxury vehicles

Prosecutors allege the stolen funds were used to purchase $9 million worth of luxury vehicles and spent lavishly on high-end goods, including designer handbags, watches, and clothing, as well as services such as nightclub access, private security, and rentals in Los Angeles, Miami, and the Hamptons.

The accused appeared in Auckland District Court and was granted bail with interim name suppression. He is scheduled to reappear on July 3.

“We have worked closely with our law enforcement colleagues in the United States in support of their investigation,” the police stated. They added:

“Today’s search warrant and arrest reflects the importance of international partnerships where criminals are operating across borders.”

The investigation remains ongoing.

Crypto thefts surge to $360 million in April

Digital asset thefts skyrocketed in April 2025, with nearly $360 million stolen across 18 separate hacking incidents, according to data from blockchain security firm PeckShield.

The figure marks a staggering 990% jump from March when reported losses stood at just $33 million. The sharp rise was largely attributed to a single unauthorized Bitcoin transfer that accounted for the bulk of the month’s losses.

On April 28, blockchain analyst ZachXBT identified a suspicious $330 million BTC transaction. The incident was later confirmed as a social engineering attack that targeted an elderly US resident, resulting in one of the largest individual crypto thefts to date.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Politics

French crypto entrepreneurs to receive extra security amid recent kidnappings: Report

Published

13 hours ago

May 17, 2025

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French crypto entrepreneurs to receive extra security amid recent kidnappings: Report

Crypto entrepreneurs and their families in France will receive enhanced security measures amid a recent rise in crypto-related kidnappings in the country, Politico reported.

According to the May 16 report, the measures include priority access to police emergency lines, home security assessments, and safety briefings from French law enforcement to ensure best practices are being followed.

France’s Interior Minister Bruno Retailleau introduced the security measures as part of a broader effort to counter the recent wave of attacks.

“These repeated kidnappings of professionals in the crypto sector will be fought with specific tools, both immediate and short-term, to prevent, dissuade and hinder in order to protect the industry.”

Law enforcement officers will also undergo “anti-crypto asset laundering training,” Retailleau noted.

Retailleau met with several local leaders from the crypto industry to discuss the measures following three crypto-related kidnapping incidents in recent months.

Two kidnappings and a failed attempt in France this year

The latest incident occurred on May 13, when assailants attempted to abduct the daughter and grandson of Pierre Noizat, CEO of the French crypto platform Paymium. Fortunately, they managed to fend off the attack, which occurred in broad daylight.

The assailants tried to force the pair into a waiting van, but Noizat’s daughter managed to take one of the guns off an assailant and throw it away, local police said.

En plein Paris, un homme a été violenté par des individus cagoulés, habillés tout en noir. Ils tentaient de l’enlever. Un homme a surgi, extincteur à la main, pour les faire fuir. →https://t.co/P0qV6PR40v pic.twitter.com/9f4r2Gi7ho

— Le Figaro (@Le_Figaro) May 13, 2025

On May 3, Paris police freed the father of a crypto entrepreneur who was held for several days in connection with a 7 million euros ($7.8 million) kidnapping plot.

In January, the co-founder of crypto hardware wallet provider Ledger, David Balland, was abducted from his home in central France during the early hours of Jan. 21. He was held captive until a police operation on the night of Jan. 22 secured his release.

Retailleau said earlier this week that he believes the incidents were likely connected.

There have been over 150 crypto-related robbery or kidnapping incidents since 2014, with 23 of those incidents occurring in 2025 alone, according to a GitHub database maintained by Bitcoin cypherpunk Jameson Lopp.

Lopp noted many of these criminals typically identify future victims through social media posts, public conversations, meetups, and conferences.

He strongly advises against peer-to-peer trades — particularly with people you don’t trust — flaunting wealth on social media and wearing crypto-branded clothing.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens