A cryptocurrency backed by one of Nigel Farage’s biggest donors has been used to help Russia fight its war against Ukraine, British investigators say.
The National Crime Agency has spent four years trying to crack a multibillion-dollar scheme that exchanges cash from drug and gun sales in the UK for crypto, digital tokens that are designed to hide their users’ identities.
The scheme has enabled “sanctions evasions and the highest levels of organised crime, including providing money-laundering services to the Russian state”, the agency says.
Of the $24m (£18.3m) in crypto that the NCA and its counterparts abroad have so far been able to seize, the “vast majority” was issued by Tether.
A private company headquartered in El Salvador, Tether has grown so popular that it declared profits of $13bn for 2024, one-and-a-half times those of McDonald’s. Tether’s shares are reportedly owned by a small group, among them Christopher Harborne, one of the UK’s biggest political donors. Harborne took a 12% stake around 2016, court papers say, although it is unclear what share of Tether’s profits he has received.
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Christopher Harborne, who is one of Britain’s biggest political donors, took a 12% stake in Tether around 2016. Photograph: George Cracknell Wright/LNP
In 2019-20, as the UK was leaving the EU, Harborne gave £10m to Nigel Farage’s Brexit party, since renamed Reform UK. In January, Farage accepted another £28,000 from Harborne to attend Donald Trump’s inauguration as president – the month after the US placed sanctions on the Russian bosses of the laundering networks and publicly warned they were using Tether.
Reform UK, the first British political party to accept donations in crypto, did not respond to a request for comment. Harborne’s lawyers said that accusing an investor in Tether of complicity in crimes perpetrated by users of its tokens would be “akin to claiming the US Treasury is an accomplice in money laundering because it prints the US dollar”.
While there is no suggestion that Harborne himself is implicated in the money-laundering scheme, some of his fortune appears to have come from a company whose cryptocurrency is in high demand from illicit networks such as the Russian ones unearthed by the NCA’s Operation Destabilise.
Unlike volatile cryptocurrencies such as bitcoin, Tether’s tokens are stablecoins, whose value is pegged to the dollar, making them easier to exchange for real currencies. Buyers of newly minted Tether stablecoins – called USDT – pay one dollar for each. Tether holds this cash to maintain the stablecoin’s peg, and makes money from the interest or investment return on it. About 184bn USDT are in circulation.
A Tether representative said the company “unequivocally condemns the illegal use of stablecoins and is fully committed to combating illicit activity”.
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“Tether tokens are often acquired and circulated through secondary markets and peer-to-peer platforms. These flows are not controlled by Tether but we remain vigilant and ready to act when law enforcement identifies illicit activity,” the spokesperson added.
But crypto experts say all demand – including illicit demand – benefits the company by driving up the cash reserves from which Tether makes its billions in profit.
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Harborne, a former McKinsey consultant, is not an executive at Tether. He also has interests in aviation fuel, military contractors and a wellness centre in Thailand, where he lives, going by British and Thai names. He describes himself as an “intensely private person”.
As well as helping Farage and his parties, Harborne has given money to the Conservatives and donated £1m to Boris Johnson when he left Downing Street in 2022. The Guardian revealed that after the donation Harborne accompanied Johnson on a visit to Ukraine. Neither has said why.
Johnson did not respond to a request for comment. A Tory spokesperson said: “All donations to the Conservative party are accepted in good faith and only after thorough due diligence to ensure they come from permissible sources. We take our legal and compliance responsibilities extremely seriously.”
NCA investigators say cryptocurrency has “turbocharged” money laundering, with the Russian laundering scheme switching to Tether shortly before 2020.
Sal Melki, the NCA’s deputy director of economic crime, said: “A line can be drawn from this money-laundering scheme to support for companies involved in the Russian military-industrial base.”
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The NCA launched Operation Destabilise in 2021 when it rumbled a ransomware gang whose proceeds were being laundered by a Russian socialite. Working with their US, French and Irish counterparts, investigators established that the laundering network, known as Smart, and another, called TGR, were shifting billions of pounds.
The NCA’s investigators believe the TGR network has “supported companies involved in the Russian military-industrial base”. It has, they say, “facilitated the export of electronic components to Russia”.
Western countries have imposed sanctions seeking to restrict the Putin regime’s access to computer chips and other hard-to-find components for drones and missiles, yet the weapons continue to rain down on Ukraine. Ukraine’s president, Volodymyr Zelenskyy, said in October that the weapons systems Russia used in a single day of deadly air attacks contained more than 100,000 foreign-made parts, including British microcomputers.
NCA investigators say Russian intelligence agents tried to fund a spy ring of six Bulgarians it was running in the UK via the Smart laundering network. The espionage included hunting an investigative journalist who had helped implicate Russian spies in the poisoning of the opposition politician Alexei Navalny. The Bulgarians were jailed in May after an Old Bailey trial.
The networks have also helped rich Russians in the west access cash – as much as £100,000 a time – to maintain the lifestyles to which they are accustomed despite sanctions, the investigators say.
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The NCA has little hold over Tether, a spectacularly profitable venture in a largely unregulated industry based in a Central American dictatorship.
Melki said: “We work with any global crypto firm that wants to work with us, in addition to those regulated in the UK, but there’s no free pass for crypto firms. They all have a role to play in limiting their exposure to bad actors.”
The Tether representative said it had “a proven track record as the industry leader in working with global law enforcement to stop bad actors”.
The company has frozen or blocked more than $3.4bn in USDT in collaboration with more than 300 agencies in 62 countries, the representative added.
Robert Kiyosaki said a manuscript shared by Jim Rickards changed how he views global finance.
Kiyosaki warned commonly held financial assets could face pressure as financial rules shift across markets.
His claims remain warnings, with evidence and future market developments still central.
Why Did One Manuscript Change Robert Kiyosaki’s View?
Robert Kiyosaki, the author of the best-selling personal finance book Rich Dad Poor Dad, said an advance manuscript of “The Entropy Trap” shared by Jim Rickards prompted him to rethink how he views global finance. Rickards is an economist, lawyer, and financial commentator known for writing about currencies, debt, and systemic market risk. Kiyosaki said the early reading changed his perspective on where the financial system may be headed.
The reaction was framed around a warning about financial change. The book, written by Mickey M. Maini, “blew my mind and opened my eyes to what & why global financial change is coming,” Kiyosaki described. His comments focused on what he described as a shift in the rules behind wealth, assets, and trust.
The central claim is that wealth could move away from people relying on traditional financial assumptions. Kiyosaki asserted:
“The informed will be tomorrow’s ULTRA RICH. Todays uniformed operating by the old rules of money… will become the new poor.”
The Warning Behind the Claim
The warning centers on assets that depend on trust, including U.S. bonds, exchange-traded funds (ETFs), and mutual funds. Kiyosaki framed those instruments as vulnerable under the financial shift he says is coming, placing commonly held investment products at the center of the risk.
That claim is severe, but he presented it as a warning rather than a proven outcome. He also pointed to large bondholders, including Japan, saying they have already started dumping U.S. bonds. He did not provide supporting data in the statement.
The acclaimed author shared:
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“Message from book… ‘All assets that require trust, assets that most people have… such as U.S. bonds, ETFs, mutual funds will be flushed down toilets, all over the world.’”
The broader conflict is whether traditional financial assets remain reliable under the conditions Kiyosaki described. His framing divides investors between those preparing for a changed financial system and those still operating under assumptions he says may no longer hold.
What Still Needs to Be Proven
A planned August study session could clarify the warning Kiyosaki described. He said his study team would examine the message and that Rickards may join, though the evidence behind the claims has not yet been laid out.
For now, the warning rests on Kiyosaki’s account of a manuscript that changed his view. He urged readers to prepare, writing:
“I want you to be one of the world’s new rich.”
What remains unknown is whether market data, policy moves, or investor behavior will confirm the risk he described.
His recent commentary has focused on what he describes as fragility in the global monetary system, particularly around the U.S. dollar. He has pointed to rising debt, central bank policies, and inflation as risks that could trigger a sharp market downturn.
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Alongside those concerns, he has repeatedly highlighted bitcoin, gold, and silver as alternative stores of value. In his view, those assets may help reduce exposure to traditional financial instruments during periods of currency weakness and market turbulence.
Strategy Is No Longer Just Going to “Inoculate the Market,” Selling Crypto May Be Much More Common. Here’s What That Could Mean for the Stock | The Motley Fool
When Strategy (MSTR 0.69%) sold a modest amount of Bitcoin earlier this year, it was a noteworthy development given that the company’s business has centered around buying up as much of the cryptocurrency as it can, and vowing to never sell. And it often boasts of being the largest corporate holder of the digital currency.
The company brushed off the sale of 32 Bitcoins, with management saying it simply wanted to “inoculate the market.” Well, now it appears that Strategy is doing much more than just that, and there could be more significant cryptocurrency sales in the future.
Image source: Getty Images.
Strategy unveils a Bitcoin monetization program
On June 29, Strategy released a framework going forward that it says will “enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation for shareholders.” Among the notable components is its Bitcoin monetization program.
Within that program, the company says it may sell some of its cryptocurrency holdings for multiple reasons, including to fund a USD reserve, fund dividends or interest expense, or to fund repurchases of digital credit securities or common stock.
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While the company says it remains committed to Bitcoin for the long term and it’s the company’s “primary treasury reserve asset,” it’s a significant change of course for Strategy, which was previously heavily against ever selling the digital asset.
Today’s Change
(-0.69%) $-0.69
Current Price
$100.08
Key Data Points
Market Cap
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$35BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Day’s Range
$96.97 – $102.19
52wk Range
$81.81 – $457.22
Volume
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248.6K
Avg Vol
21.3M
Gross Margin
68.11%
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The stock is as risky and volatile as ever
Whether or not Strategy buys or sells Bitcoin doesn’t change the fact that this is a highly risky and speculative stock to own. While crypto fans may be disappointed in the company’s change in strategy, selling Bitcoin will likely not be enough to make the business any better or worse as an investment.
In just the past 12 months, the stock has plummeted a whopping 75% as volatility in digital assets has drastically weighed on its earnings, with the company incurring $12.8 billion in losses over the trailing 12 months, on revenue of $490 million.
That’s not likely to change significantly, even if Strategy offloads some of its crypto holdings, because with such a large exposure to Bitcoin, how the cryptocurrency performs will inevitably impact the company’s bottom line in a big way. This year, the leading cryptocurrency is down 28% as investor excitement around it has largely cooled off, which has proven disastrous for Strategy’s stock as well. And at this stage, there’s little reason to anticipate a recovery anytime soon.
WiFi slows most on 2.4 GHz during 8-10 AM and 6-10 PM as nearby networks compete.
Bluetooth devices and microwaves can disrupt 2.4 GHz; 5 GHz or 6 GHz may improve speeds.
WiFi 6E and WiFi 7 users can reduce congestion by switching channels and moving routers centrally.
Your WiFi can feel rock-solid at midnight and oddly sluggish by breakfast, even when you have not touched a single setting. The culprit is often outside your walls: a crowded slice of public radio spectrum where your router has to negotiate space with every nearby network, plus a grab bag of household gadgets that leak interference. Add peak-hours demand and the signal-blocking quirks of building materials and weather, and “slow internet” starts to look less like a billing issue and more like an invisible traffic problem you are forced to share.
When WiFi slows down without warning
One day your home WiFi feels snappy, the next it drags, even though your router hasn’t moved and your internet plan hasn’t changed. That swing is real, and it’s usually not your imagination or a “bad day” from your ISP. WiFi lives on shared airwaves, and those airwaves get crowded, noisy, and sometimes just plain finicky.
Think of your connection as a conversation in a busy room. Your laptop and router may be talking just fine, but the room itself can fill up fast with other chatter. What looks like a mystery slowdown is often the result of invisible competition and interference that changes hour by hour.
The battle of competing networks
Most homes still rely heavily on the 2.4 GHz and 5 GHz WiFi bands, which are unlicensed spectrum in the US. That “free for everyone” reality is convenient, but it also means your network shares space with your neighbors, their smart TVs, their work laptops, and every nearby router doing the same thing.
Congestion has a rhythm. During common work-from-home and school-from-home windows, especially 8-10 AM, and again in the evening 6-10 PM, more devices are streaming, video calling, syncing, and downloading updates. Even if you pay for fast broadband, your WiFi link can become the bottleneck when the local radio environment gets packed.
Interference inside your home
Your own house can sabotage you. A microwave is the classic culprit because it can leak noise near 2.4 GHz, exactly where many WiFi networks still operate. Older cordless phones, some baby monitors, and even dense clusters of Bluetooth gadgets can add more clutter, especially in smaller apartments where everything sits close together.
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Then there’s physics. Concrete, metal, and even water (think aquariums or thick pipes in walls) absorb and scatter radio signals. A router shoved behind a TV, tucked into a cabinet, or stuck in a far corner forces your devices to “hear” through more obstacles, lowering speeds and making dropouts more likely.
Weather, channels, and what you can do tonight
Environmental changes can matter too. Higher humidity and rain can slightly increase signal loss, and shifting temperatures can change how radio waves propagate around a neighborhood. You might never notice on its own, but paired with congestion it can tip a marginal connection into a frustrating one.
The 2.4 GHz band is also channel-limited. In the US there are 11 channels, but only 1, 6, and 11 don’t overlap. Many routers default to “auto channel,” so nearby networks can hop around trying to escape interference, sometimes creating instability. Practical fixes: prefer 5 GHz (or 6 GHz if you have WiFi 6E/7 gear), place the router centrally and higher up, and use a WiFi analyzer app to pick a less crowded channel instead of leaving it on auto.
