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Decentralized Web 3 cross-chain router allegedly under control of one-man

Imagine a system where all your money is controlled by one man and his family and when there is cause for concern, the propaganda machine immediately goes ‘brrr’ to put on a facade that everything is just fine despite some alarming withdrawls. Sounds more like a one party state? No, welcome to blockchain, specifically, Multichain. 

Multichain
A man alleged to be Multichain co-founder and CEO Zhao Jun (CryptoRank)

On July 14, Chinese decentralized cross-chain bridge protocol Multichain announced that it would cease operations after three years. The reason? The only person allegedly holding the private keys to over $1.5 billion in users’ crypto stored on Multichain was its co-founder and CEO Zhao Jun and later, his sister (name unknown). Both were arrested by Chinese police — but it’s still not clear why. 

Zhao Jun was reportedly arrested as early as May 21, but it appears that Multichain staff did not want you to know that… until now, when one discrepancy after another made it impossible to bury the truth. 

The whole ordeal started on or around May 24, when Multichain users reported that funds had not arrived for nearly 72 hours after being sent. Admins immediately responded that the delay was due to a backend node upgrade “taking longer than expected,” and that “all affected transactions will arrive after the upgrade is complete.”

“Most routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended. All affected transactions will arrive after the upgrade is complete. We sincerely apologize for the inconvenience caused.”

At that time, some users were already aware of CEO Zhao Jun’s arrest by Chinese police. In response, co-founder Alfred Xu decided to step in to quash the “rumors” and save users from “disinformation,” writing in the protocol’s Chinese Telegram channel: “Currently all team members are safe and sound; the main operations are proceeding as normal.”



Despite assurances, worries turned into a full-blown panic on May 25 when local news outlet PANewsLab reported that CEO was unreachable. This time, it was fellow co-founder DJ Qian who stepped in and assured that “user assets and staff are safe.” However, Qian also confirmed Zhao Jun’s disappearance. For the next month, Multichain continued to promote its cross-chain protocol. 

Multichain 2

Fast forward to July 7, users began noticing over $100 million in unauthorized withdrawals from Multichain’s Fantom Ethereum bridge, along with funds from other sidechains. Around $65 million in Tether (USDT) and USD Coin (USDC) were frozen by their issuers, Tether and Circle, after the transactions led to widespread fear that Multichain was hacked. Some security experts began to suspect that the hack may be an inside job. 

Chainalysis
Movement of Multichain users’ USDC assets by the ‘hacker’ (Chainalysis)

According to Multichain: 

“User assets locked on the MPC addresses were transferred to unknown addresses abnormally. Login information from an IP address in Kunming was found on the cloud server platform, along with a series of operations transferring funds from the MPC addresses.”

Developers wrote that on July 9, Zhao Jun’s sister transferred the remaining assets from a router pool to wallet addresses controlled by her as an “asset preservation action.” Four days later, Zhao Jun’s sister was reportedly arrested by police (again it’s not clear why she was arrested). Because Zhao Jun and his sister were the only ones who had access to operational funds, users’ assets, Multichain servers, and even its website (which its own team is trying to shut down) “since inception,” the project’s own development team can no longer function.  

“Later, the team established contact with Zhaojun’s family and learned that all of Zhaojun’s computers, phones, hardware wallets, and mnemonic phrases were confiscated by the authorities.”

Unfortunately, the worst may still be yet to come for Multichain’s users…

To this day, we don’t actually know why Zhao Jun was arrested, what he had been charged with, or any details regarding his case (and no, I don’t think Multichain will tell us either). However, under Chinese law, funds seized as part of a criminal investigation may be considered proceeds of crime, opening a pathway to possible seizure by the state. In that case, it would be an absolute tragedy, unlike Multichain’s decision to leave its entire keys and access in the hands of one (or two) person.TVL on the platform is now down to $139 million.

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Binance’s unusual anniversary gift to employees: Unemployment

On the sixth anniversary of the crypto exchange’s founding, Binance decided to give some its staff a gift to celebrate the occasion. However, most of the recipients wished they had never opened it. 

On July 14, Changpeng Zhao (CZ), Binance’s CEO, shilled the sixth year anniversary event, stating, “We will always do what we think is in users’ best interests. We will continue collaborating with regulators. We will also defend what we believe is right,” for the path ahead. The same day, the Wall Street Journal (WSJ) reported that the exchange had reduced its staff count by as much as 1,000 in recent weeks, out of a total count of 8,000 before the layoffs.

According to employees, the layoffs were focused on the global and customer service sectors, with reductions possible of up to one-third of its overall staff count due to ongoing reorganization. The WSJ labels an ongoing U.S. Department of Justice investigation as “the most enduring” challenge facing the exchange. 

In response, CZ wrote

“As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off. 4 FUD.”

The blockchain executive said that despite the layoffs, Binance is “still hiring.” On its website, the exchange currently lists 96 positions available at the time of publication. 

On July 17, the WSJ released a follow-up report claiming that the exchange had ceased employee reimbursements for items such as mobile phones, fitness and working from home, citing “current market environment and regulatory climate,” and the need to slash expenses. Binance is currently undergoing litigation with both the U.S. Securities and Exchange Commission and the U.S. Commodities and Futures Trading Commission on charges of offering unregistered securities and operating an unregistered exchange in the U.S. 

CZ

Zhiyuan Sun

Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.

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How record-breaking Reform UK donor Christopher Harborne made his millions

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How record-breaking Reform UK donor Christopher Harborne made his millions

Who is the man behind the record-breaking multi-million pound donation to Reform UK?

Christopher Harborne gave Nigel Farage‘s party £9m in August, according to new data published by the Electoral Commission. The contribution ranks as the largest ever single donation from a living person in UK political history.

Born in Britain, Mr Harborne is a businessman who owns several companies, employing more than 600 people worldwide, according to a court filing dated last year.

Reform UK leader Nigel Farage
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Reform UK leader Nigel Farage

Yet he’s not resident in the UK, and is also a citizen of Thailand, where he is known as Chakrit Sakunkrit, and has lived and worked there for 20 years.

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Nonetheless, he has a long history of political donations to British parties.

Electoral Commission data shows he has previously donated to the Conservatives, gifting them £10,000 in May 2001, and continuing to support them with close to £2m in donations by October 2022.

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Christopher Harborne, furthest right, joins Boris Johnson, left, during his visit to Lviv, Ukraine. Pic: City of Lviv
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Christopher Harborne, furthest right, joins Boris Johnson, left, during his visit to Lviv, Ukraine. Pic: City of Lviv

But there was been some overlap with his backing of Reform, which first received a donation from him in April 2019, for £200,000.

He’s also donated to Mr Farage personally, giving £27,616.76 in January so the Reform leader could attend the second inauguration of Donald Trump.

He paid another £32,836 for the Reform and a member of staff to fly to the US following the attempted assassination of Trump in July last year.

And he gave one of the biggest donations ever made to an individual UK politician when he backed Boris Johnson to the tune of £1m in 2022.

Christopher Harborne sits second left from Boris Johnson, centre, during his visit to Lviv, Ukraine. Pic: City of Lviv
Image:
Christopher Harborne sits second left from Boris Johnson, centre, during his visit to Lviv, Ukraine. Pic: City of Lviv

He served as an advisor to Mr Johnson during the former PM’s trip to Kyiv in 2023.

His latest cash injection to Reform UK breaks the previous record for a donation from a living person, which was £8m from supermarket tycoon Lord David Sainsbury to the Liberal Democrats in 2019.

The largest ever single donation to a UK political party was from his cousin, Lord John Sainsbury, who left more than £10.2m to the Conservatives in 2022 in his will.

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Electoral Commission records show Mr Harborne has made at least £24.5m in UK political donations since 2001.

But where is his money from?

Several of his businesses come under the banner of AML Global, including one registered in the UK, which has a London address listed with Companies House.

AML Global is described in a court filing as an international jet fuel broker that works with oil companies, and which has been awarded $39m (£29m) worth of contracts by the US Department of Defense.

Harborne was also an early investor in Bitcoin and other cryptocurrencies.

On his LinkedIn page, the businessman further describes himself as chair of Sherriff Global Group.

His profile shows he was educated at INSEAD business school, Cambridge University, and Westminster School.

Figures from the Electoral Commission released this week show Reform UK reported the most donations of any party in the third quarter of 2025, a total of £10,526,846.

By contrast, the Conservatives reported £7,038,861 in the same period, Labour £2,564,786, and the Liberal Democrats £2,174,712.

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Reeves between a rook and a hard place after claims she ‘made up’ chess championship

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Reeves between a rook and a hard place after claims she 'made up' chess championship

As an opening gambit at PMQs, Kemi Badenoch attacked Labour’s knight, the prime minister, over his Treasury queen, Rachel Reeves.

“We now know the black hole was fake, the chancellor’s book was fake, her CV was fake – even her chess claims are made up,” said the Tory leader.

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“She doesn’t belong in the Treasury; she belongs in la-la land.”

Chess claims made up? Where did that attacking move from Kemi come from? Hasn’t the chancellor told us for years that she was a national chess champion in 1993?

Indeed she has. “I am – I was – a geek. I played chess. I was the British girls’ under-14 champion,” she declared proudly in a 2023 interview with The Guardian.

She posted a video showing her playing chess in parliament and before last week’s budget posed for photos with a chessboard.

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But her chess champion claim has been disputed by a former junior champion, Alex Edmans, who has accused her of misrepresenting her credentials.

“Her claim was quite specific,” Edmans, now a professor of finance at the London Business School, told Ali Fortescue on the Politics Hub on Sky News.

“She said she was the British girls’ under-14 champion. There was one event that can go on that title, which is the British Championship. And in the year that she claimed, it was Emily Howard who won that title instead.

“She did indeed win a quite different title. There was a British Women’s Chess Association championship, but that’s a more minor title. I’ve won titles like the British squad title, but that’s not the same.

“Just like running a marathon in London is not the same as the London Marathon, there was one event which is very prestigious, which is the British Championship.

“So the dispute is not whether she was a good or bad chess player. That shouldn’t be the criterion for a chancellor. But if you weren’t the British champion, you shouldn’t make that statement.”

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Oh dear! So now, along with allegations of plagiarism, a dodgy CV and “lying” – according to Ms Badenoch – about the nation’s finances, the chancellor is between a rook and a hard place.

Or is she? “This story is absolute nonsense,” a Treasury mate told Sky News. No word from the No.10 knight, Sir Keir Starmer, or his Downing Street ranks, however.

Emily Howard, as it happens, is now an accomplished composer, having graduated from the chessboard to the keyboard.

The chancellor’s opponents, meanwhile, claim her budget blunders means the Treasury queen has now become a pawn, there for the taking.

But since Rachel Reeves did indeed win a chess title, just not the one she claimed, her supporters insist she can justifiably claim to have been a champion.

So it’s too soon for Kemi Badenoch and the Conservatives to claim checkmate. The dispute remains a stalemate. For now.

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Reform UK gets record £9m donation from ex-Tory donor

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Reform UK gets record £9m donation from ex-Tory donor

Nigel Farage’s Reform UK have received its largest ever donation, with former Conservative donor Christopher Harborne handing the party £9m.

The donation – one of the largest in British political history – was made in August this year, according to filings from the Electoral Commission.

Mr Harborne, a British businessman based in Thailand, previously donated millions to Reform in 2019, when it was known as the Brexit Party, and has continued to give the party and Mr Farage cash.

Politics latest: Reform gets its largest ever donation

Between 2001 and 2022, he donated close to £2m to the Conservatives, according to Companies House.

The £9m handed to Reform UK on 1 August this year is the largest political donation on record from a living person, after Lord Sainsbury left £10m to the Conservatives in his will in 2023.

Educated in the UK, Mr Harbone is now based in Thailand, where he chairs the investment company Sherriff Global Group.

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He also paid around £28,000 for Mr Farage to travel to the US for Donald Trump’s inauguration this year, and roughly £33,000 for the Reform leader to visit the president after the failed assassination attempt in the run-up to the election.

Responding to a question at a news conference from Sky News deputy political editor Sam Coates, Mr Farage said Mr Harborne has business interests all around the world, but his “natural home” was the UK.

Mr Farage says no promises were made in exchange for the money. Pic: PA
Image:
Mr Farage says no promises were made in exchange for the money. Pic: PA

He says the donation is “nothing out of the blue”, pointing to Mr Harbone donating significant sums to the Brexit Party.

“I think what he wants to do, really, is to try and help us get onto a level playing field with the trade union funded Labour Party, and a Conservative Party where there seems to be a remarkable correlation, I can’t think why, between donations and membership of the House of Lords,” Mr Farage said.

He added that “hand on heart” he has not promised anything to Mr Harborne in exchange for the money, adding that speaks to the Bangkok-based businessman “maybe once a month, maybe once every six weeks”.

Professor Justin Fisher of Brunel University, an expert in political donations, told Sky News: “It exposes the fact that this is a person who is a British citizen but is able to influence British politics without being subject to the laws that any Reform government might bring in, any tax arrangements that a Reform might bring in.

“This is foreign money by any other name.”

The professor pointed to the fact that in the 2022 Election Act under the Conservatives, the law was changed so that British citizens could live abroad their whole lives and stay on the electoral roll, allowing them to donate.

Previously, the cap had been set at 15 years of living overseas.

He added that it was not surprising to see a person with an interest in a particular policy area – like cryptocurrencies – give money to a political advocating for this cause.

Read more:
Tice denies Tory-Reform pact talks

New rules may stop unlimited donations to Reform UK

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Will Tories and Reform unite?

According to the Electoral Commission, political parties raised £24m in the third quarter of this year – up from £10m over the same time period last year, and £11m last quarter.

With the local and national assembly elections coming up in May next year, parties are building their war chests for the campaign.

Reform reported taking a total of £10,526,846, more than the Tories (£7,038,861), Labour (£2,564,786), and the Lib Dems (£2,174,712).

This means Mr Farage’s party raised almost as much as the three main parties combined (£11,778,359).

While the Green Party has reported an increase in donations since Zack Polanski became leader, these figures mostly cover the time before he took office, with the party only accepting £371,753.

Professor Jonathan Hopkin of the London School of Economics told Sky News the donation “shows the power of money in politics if one individual can make such a big difference to the resources available to a political party”.

He added that big donors giving to Reform who also have links to the Tories could separately “pressurise the Conservatives to step aside their candidates in seats that Reform are better placed to win”.

The fact that Reform has received large volumes of cash from a former Tory donor will do nothing to extinguish reports that the two parties are considering an electoral pact in time for the next general election.

The Financial Times reported that such an agreement was spoken about by Mr Farage in a discussion with party donors.

YouGov graphic of voter intention from 30 November to 1 December 2025. Pic: YouGov
Image:
YouGov graphic of voter intention from 30 November to 1 December 2025. Pic: YouGov

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Both the Conservatives and Reform have denied they will do a deal.

Reform currently lead voting intention polls, with the Conservatives and Labour together in joint second place, followed by the Greens.

A spokesperson for the Reform Party said: “This quarter’s figures show the incredible progress Reform UK is making. This is further evidence that we have all the momentum in British politics.”

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