The Guardian

When Guardian Australia senior reporter Sarah Martin heard a friend’s hairdresser had invested in a cryptocurrency scheme called HyperVerse and potentially lost all her money, she decided to investigate. She soon found many more members of the scheme, in Australia and around the world. A person in the UK had lost £1m from the sale of his home that he’d put into HyperVerse; an Australian who had recruited his mates lost $100,000 – and lost his friendships too.In this short documentary, interviews with former HyperVerse participants are woven through Sarah’s recounting of the rabbit hole she fell down as she investigated the scheme, how it worked, and tried to find out who was responsible for it all.‘They are so convincing’: Vera Gazzard lost her life savings to HyperVerseInvestors lose millions as crypto schemes operate unchecked in Australia Continue reading...

Reform UK leader has been unusually quiet in recent weeks – at great cost to the party during a crucial byelectionFake images of Nigel Farage have been ubiquitous online lately – but the real politician has proved far more elusive since it was revealed seven weeks ago that he took a £5m personal gift from a crypto billionaire.And while an AI-generated depiction of the Reform UK leader was falsely shown getting violent on BBC’s Question Time, Farage has been largely avoiding the TV studios where he might face questions over the cash. Continue reading...

Party’s deputy faces questions at first press conference since Nigel Farage’s £5m from crypto billionaire revealedUK politics live – latest updatesReform UK is “not aware” of any other large gifts to Nigel Farage or other senior party figures apart from the £5m from crypto billionaire Christopher Harborne, but cannot check every member’s bank accounts, the party’s deputy leader has said.Richard Tice, who is second in command to Farage, was given a grilling over the controversial £5m gift as the party gave its first press conference since the personal donation was revealed by the Guardian. Continue reading...

Call for ‘clear and truthful account’ comes amid questions about the Reform leader’s property spendingThe Labour party has written to Nigel Farage urging him to stop “evading reasonable scrutiny” over the £5m personal gift he received from the Thailand-based crypto billionaire Christopher Harborne.The letter coincides with approval of a planning application that reveals the Reform leader’s plans to transform a dilapidated Kent property into a luxury beachfront residence. Continue reading...

While wealthy Americans hail a booming stock market, the rest of us worry about rising inflation and people struggling to make ends meetPeople in the US: tell us about your difficult consumer experiencesIn case you’re not familiar with the concept of the K-shaped economy, it’s an important idea that captures a lot about Trump’s America. Wealthy Americans are represented by the line of the K that angles sharply upward to the right, while the line of the K that dips downward represents non-rich Americans and the difficulties they face.The economy’s K-shape has been growing worse in recent months, in large part because of Donald Trump’s policies. The wealthy people’s line is climbing further upward, while the line for the non-wealthy – the vast majority of Americans – has fallen further. Continue reading...

Change backed by labor department would expose workers to greater financial risk, letter shared with Guardian saysCongressional Democrats are strongly opposing a US Department of Labor proposal that would allow 401(k) investments to include cryptocurrency, private credit and private equity assets, arguing the change will expose workers to riskier and more complex investments.In a letter shared exclusively with the Guardian, Senator Bernie Sanders, Senator Elizabeth Warren and House education and workforce committee ranking member Bobby Scott of Virginia, argued the rule would expose an estimated $14.2tn of 401(k) retirement savings to volatile assets and would probably not withstand a challenge in court. Continue reading...

The late-night host discussed Trump granting clemency to allies and white-collar criminals who donate to MagaJohn Oliver took aim at Donald Trump’s use of pardons on his HBO show last night and discussed how the US president prioritizes supporters and Maga donors.“The executive power to pardon someone from federal crimes is enshrined in the constitution, and it’s basically unchecked,” Oliver said on Last Week Tonight. That can often be a good thing, but Trump has often pardoned his own allies and well-known figures such as George Santos and Rudy Giuliani. Continue reading...

Call for crackdown as finance linked to corruption, tax evasion and money laundering is estimated at 10% of GDPAt least £325bn worth of dirty money is flowing through the UK every year, according to research that is causing concern about funding for state investigators and the government’s push into crypto assets.The figure is equivalent to more than 10% of UK GDP and includes illicit funds linked to financial crime, money laundering, corruption, illegal trade and tax dodging, according to the report by the Finance Innovation Lab charity. Continue reading...

Watchdog to examine whether Reform UK leader should have declared sum he received before entering parliamentNigel Farage is facing a formal investigation by the parliamentary standards watchdog over a £5m gift from the crypto billionaire Christopher Harborne.The Reform UK leader received the money weeks before announcing he would stand as a candidate in the 2024 general election. Continue reading...