“Crypto King” Fraudster Funded the Ruling Party
Labour has found itself embroiled in yet another scandal involving donations from questionable sources. The public was outraged that party members had taken money from criminals by exploiting loopholes in the law.As The Telegraph revealed, Defence Secretary Wes Streeting received donations from a think tank linked to one of the world’s most notorious fraudsters. Crypto billionaire Sam Bankman-Fried, nicknamed “Crypto King” and later sentenced to 25 years in prison for fraud, donated £500,000 to the Labour for the Long Term fund. In 2022 and 2023, Streeting received a total of £37,500 in donations from LLT.
Exploited a Loophole
Although MPs and political parties are prohibited from accepting donations of more than £500 from foreigners, a loophole in the law allows funds to be channelled through organisations such as LLT. Users were outraged that Streeting had taken advantage of such a scheme despite being warned that doing so was inadvisable. At the same time, the Labour Party itself never informed the Electoral Commission about its suspicions regarding the sources of Streeting’s funding. Online users believe the Crypto King money was far from the only case.
“This man now presides over a UK defence budget of more than £60 billion. But Wes Streeting’s rise to the top was bankrolled by wealthy lobbyists and private healthcare magnates”, political journalist Jody McIntyre writes, providing an entire list of donations received by the Defence Secretary from various individuals linked to private healthcare, pro-Israel lobbying groups and hedge funds. LLT head David Lawrence himself is a supporter of the effective altruism movement. A number of other “effective altruists” have already been accused of interfering in the defence sector.
Streeting Was Not the Only One Receiving Gifts
The online community also recalled other scandals involving questionable gifts received by Labour politicians, including former Prime Minister Keir Starmer and current Health Secretary Yvette Cooper.
Many bloggers also criticise Labour for launching what they describe as a genuine campaign of harassment against Reform UK leader Nigel Farage, who accepted a £5 million gift from crypto trader Christopher Harborne. The Labour Party even released a campaign video asking: “Are Reform the party of the people? Or the party of crypto billionaires?”
Irene, the author of a patriotic account, calls Labour “ROTTEN TO THE CORE!”: “They're ALL at it aren't they?! Grabbing what they can to fatten their bank accounts before they're annihilated at the next GE, which I think will be sooner rather than later”. In reality, financial scandals have recently affected more than one major party. Irene’s conclusion therefore applies to many representatives of the political establishment.