Border Security Command funding to double to £150m to ‘smash the gangs’

Published

6 months ago

November 4, 2024

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Another £75m will go towards “smashing the gangs” as the government beefs up its new Border Security Command unit.

Prime Minister Sir Keir Starmer is set to announce the additional funding as he hosts the Interpol general assembly in Glasgow from today, the first time the UK has hosted it in more than 50 years.

The announcement, which kicks off a week-long blitz by Sir Keir on people smuggling, will bring total funding over the next two years to £150m for the Border Security Command (BSC) set up by the Labour government to “smash the gangs” – a new slogan introduced during the election campaign.

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Labour’s initial £75m for the BSC came from scrapping the former Conservative government’s Rwanda scheme, where illegal immigrants and asylum seekers would have been sent to Rwanda for processing, asylum and resettlement.

The new £75m will go towards National Crime Agency (NCA) technology so agents can exploit data and “boost collaboration” with other European countries to “investigate and break people smuggling networks”.

It will also fund 300 border security command staff and 100 NCA specialist investigators and intelligence officers who will be dedicated to catching criminals facilitating people smuggling.

The Crown Prosecution Service’s (CPS) ability to deliver charging decisions more quickly on international organised crime cases will also be funded by it.

Sir Keir is expected to tell senior ministers and policing leads from Interpol’s 196 member states: “The world needs to wake up to the severity of this challenge.

“I was elected to deliver security for the British people. And strong borders are a part of that. But security doesn’t stop at our borders.

“There’s nothing progressive about turning a blind eye as men, women and children die in the Channel.

“This is a vile trade that must be stamped out – wherever it thrives. So we’re taking our approach to counter-terrorism – which we know works, and applying it to the gangs, with our new Border Security Command.

“We’re ending the fragmentation between policing, Border Force and our intelligence agencies.”

The government announced in the King’s Speech it will introduce the border security, asylum and immigration bill as it tries to tackle the issue of illegal immigrants coming into the UK, especially on small boats.

It will be the fourth piece of immigration legislation since 2022 as both the former Conservative government and current Labour government attempt to tackle the issue.

Appearing on Sky News this morning, Home Secretary Yvette Cooper would not be drawn on how soon the number of small boat crossings could fall as a result of the funding.

She said the prime minister has made clear “we want to see significant progress made”, but the government needs partnerships with other countries and “that’s what we’re working on”.

Asked if French authorities could be doing more to stop the departures, she said more can be done through all European countries “along the supply chain” and the UK “has to be in partnership with those countries”.

Small boat crossings reached this year’s high in October, with more than 5,000 people crossing.

Over the first two days of November, 433 people arrived in the UK via small boats.

In total, 31,904 people have made the journey so far this year, up 16.5% on the same point in 2023 (26,699) but still down 22.1% on the same point in 2022 (39,929).

Later this week, Sir Keir is expected to attend a summit of the European Political Community in Hungary, with migration and people smuggling expected to feature.

The PM will also announce a £6m increase in the UK’s support for Interpol to tackle global organised crime, and £24m to tackle serious international crime affecting the UK, particularly in the Western Balkans.

A Conservative Party spokesperson said: “Keir Starmer’s announcement on tackling gangs will mean absolutely nothing without a deterrent to stop migrants wishing to make the dangerous journey across the Channel.

“It is a shame that Starmer has not recognised the extent of the crisis in the Channel sooner, as he and the Labour Party voted against numerous measures to stop the gangs while they were in opposition.

“If Starmer continues to ignore the need for a deterrent to stop migrants crossing the Channel, there will be more deaths in the Channel as more and more migrants continue to cross it. He needs to get a grip of the crisis in the Channel.”

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Solana’s Loopscale pauses lending after $5.8M hack

Published

3 hours ago

April 26, 2025

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<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.

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US Senator calls for Trump impeachment, cites memecoin dinner

Published

7 hours ago

April 26, 2025

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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.”

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Crypto sentiment recovers, but weekend liquidity risks remain

Published

9 hours ago

April 26, 2025

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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.