Two low-profile cryptocurrency billionaires donated $100 million to the Reform Party led by Nigel Farage, which may forever change the current political system in the UK.

Written by: David Segal, The New York Times

Translated by: Luffy, Foresight News

For a civilian leader who often frequents pubs and smokes cigarettes, Nigel Farage, the leader of the Reform Party, has quite a few wealthy friends. Among them, two have continually sent him and his party massive amounts of funding.

The scale of this donation has become a political scandal in the UK this year. The British media has been closely monitoring Farage, and as related information continues to emerge, the whole affair could be described as a satirical drama fit for Netflix: the protagonists are two rarely publicly vocal and low-key billionaires, while the other is a populist politician dressed in a pinstripe suit, talking incessantly.

This politician is the 62-year-old Farage. He is extroverted, highly controversial, and rose to national prominence by promoting Brexit. He has strong nativist inclinations, once claiming that a two-hour delay for a rally was due to traffic jams caused by foreigners. His thirst for wealth is nearly as intense as his enthusiasm for nativism. In 2023, he participated in the reality show "I'm a Celebrity... Get Me Out of Here!" earning $1.86 million for finishing in third place. He is also a highly paid brand ambassador for Direct Bullion, a London gold dealer.

Nigel Farage, leader of the Reform Party

However, these earnings pale in comparison to a large sum he received in April 2024. At that time, he raised $6.3 million for the party in his personal capacity. Farage later explained that this money came from Christopher Harborne, a pro-Brexit British crypto investor who has been living in Thailand and is known locally as Chakrit Sakunkrit, classified as a “no-strings-attached gift.” Harborne stated in a June interview with The Daily Telegraph that this donation was "without any expectations of return."

This has triggered widespread skepticism. The Sunday Times estimates that Christopher Harborne's net worth is about $24 billion, most of which comes from a precise investment in Tether, the issuer of the stablecoin USDT. In June of the same year, Christopher Harborne met with the Governor of the Bank of England, urging him to shelve the digital pound Britcoin project.

Christopher Harborne, billionaire, Tether shareholder

If Britcoin is officially issued, it will directly compete with Tether, leading to speculation about whether this massive donation involved any exchange of interests.

Currently, the Parliamentary Commissioner for Standards is investigating Farage for failing to declare the £5 million donation from Christopher Harborne. Farage insists he has done nothing wrong. However, this donation might just be the start of his troubles.

At the beginning of September, Channel 4 released a secretly recorded video in which Farage and several leaders of the Reform Party seemed to discuss ways to avoid UK laws banning overseas campaign donations. In one segment, Farage can be seen drinking wine and eating oysters while praising a poll purportedly funded by a wealthy American. A few days later, the Metropolitan Police launched an investigation to ascertain whether there were any violations of electoral law.

An insider from the Reform Party complained to the BBC that the party seemed "a bit like a pirate ship." If this is the issue, a loyal supporter came up with a special solution: invest more money.

On September 11, news broke that another crypto billionaire, self-proclaimed "math geek" Ben Delo, donated the equivalent of $48.7 million to the Reform Party, the largest single political donation in British history. He explained in an article for The Daily Telegraph that he hopes to help the Reform Party grow into a reliable party capable of governing.

Christopher Harborne evidently did not want to be outdone. The following day, he also donated $48.7 million to the Reform Party.

"My competitiveness drove me to follow up on this donation, and I did just that," Christopher Harborne also stated in an article for The Daily Telegraph.

This series of donations caused an uproar in the UK. Unlike the United States, where there are super political action committees (SPACs), parties in the UK can only receive limited public funding for parliamentary work and policy research, with campaign expenses not covered. Compared to the US, the funding volume in the entire UK political system has historically been very limited. Sam Power, a lecturer at the University of Bristol researching political funding and corruption issues, explains: in the last general election, all parties combined spent just $125 million on candidate expenditures in various constituencies.

This amount is roughly equivalent to the expenses of a single Senate campaign in Montana in 2024.

"We are seeing the fundraising model of UK politics becoming more and more Americanized, and this American system, in our eyes, is a negative example," Dr. Sam Power said. "This is not just a problem for the Reform Party; it's an issue at the systemic level. It also makes everyone start to reflect: is this really the direction we want British democracy to advance in?"

Within just two days, massive funding poured into the Reform Party, completely rewriting the funding landscape of British politics. This money almost entirely comes from clandestine wealth accumulated overseas, with the investors small enough to fit into a phone booth.

"Extremely cost-effective"

It's not just the political landscape in the UK that is being reshaped by crypto capital. In the United States, crypto businesses and their billionaire backers have grown into a formidable new force, funding candidates from both parties who support friendly regulatory policies for the industry. Trump once criticized cryptocurrencies as "extremely volatile and baseless," but his attitude has since completely changed. In the first year of his second term, his family's crypto business earned over $1.4 billion, a large portion coming from his TRUMP Meme Coin.

Farage's representatives declined to comment for this article, and both Ben Delo and Christopher Harborne also avoided interviews. Farage has always portrayed himself as the Trump of the Thames, a fighter against traditional finance, the established political class, and mainstream media.

At first glance, he doesn't seem like the type to be an advocate for cryptocurrencies. He places a high value on national borders, but digital assets precisely ignore such boundaries. Moreover, there is another contradiction: he favors Tether, headquartered in El Salvador, rather than the domestically launched digital pound named "Brit."

But cryptocurrencies fit into his persona: an unafraid outsider, a nemesis of the establishment. This image has been gradually honed since his middle-class childhood in Kent. His father was an alcoholic stockbroker who abandoned the family when Nigel Farage was five years old.

Michael Crick, author of "One Party After Another: The Disruptive Life of Nigel Farage," writes that Farage did not go to university and worked in metal trading in the City of London, where his performance was less than stellar. Afterwards, he served as a Member of the European Parliament for over 20 years. This job offered generous pay, but his income was far behind that of the financial industry.

"He yearns for everything that wealth brings," Michael Crick said, "but simultaneously, he is filled with frustration — he has dedicated his life to politics."

In recent months, a fixed pattern has emerged: whenever Farage intertwines politics with funding, a public relations crisis follows. After the parliamentary commissioner opened an investigation into the undeclared £5 million donation from Christopher Harborne, Farage quickly resigned as the MP for the Clacton constituency, only to announce his candidacy for the same position again.

In a video statement, he said, "The people of Clacton can choose to support me or support the establishment."

The establishment has reacted tepidly. Major parties did not field candidates, and Farage's only real opponent is Count Binface, a comedian dressed in a trash bin claiming to be from outer space.

Although Farage easily won, this summer's farce severely damaged the Reform Party's support rate. Shortly thereafter, Channel 4 released an undercover video produced by the investigative agency Verbatim. In the video, an actor impersonates an American donor and discusses polls measuring the support rates of various UK parties with Farage. Channel 4 states that this poll was commissioned by the Reform Party, but the funding came from an American company. If this poll belongs to a project receiving overseas funding for the party, it could violate UK political donation regulations.

Farage commented on the poll: "It's fantastic, extremely cost-effective."

He later defended himself, stating that he was not seriously listening to that part of the conversation at the time. After the show aired, two senior aides resigned. The Reform Party denied any wrongdoing, with an internal investigation concluding that it was a personal commission by the aides, not a party action.

Andy Burnham

Following this by-election controversy and Channel 4's report, the Reform Party's support rate began to decline. Former Mayor of Greater Manchester Andy Burnham became Prime Minister, and the Labour Party's support rate subsequently rose.

Therefore, the timing of this nearly $100 million windfall is perfect, shifting the focus of public opinion from "the Reform Party is severely damaged" to "the Reform Party is financially powerful."

This sudden influx of funds also carries risks. Farage claims the party represents the voice of "ordinary people," but the two billionaires funding the party have no connection to ordinary citizens.

Both have spent most of their careers overseas, but Ben Delo stated that he specifically returned to the UK in order to donate unrestrictedly to the Reform Party. Ben Habib, former Deputy Leader of the Reform Party and now a critic of Farage, stated that catering to wealthy foreigners is no different from catering to incoming immigrants.

"The policies Farage advocates, apart from crypto-related provisions, will hardly impact these two individuals," Ben Habib said, "but they are shaping the direction of UK politics and national governance, which I believe is very unhealthy."

"I could use the money to buy a Ferrari"

Christopher Harborne and Ben Delo possess the influence to shake up the political scene, yet they themselves rarely appear in public.

Most of what the public knows about Christopher Harborne comes from a defamation lawsuit he filed in 2024. He sued The Wall Street Journal for an inaccurate report that implied he was involved in misleading banks through his crypto business. He was a consultant at McKinsey and moved to Thailand in the 1990s, founding an aviation fuel business.

The origin of much of his wealth began with a disaster that ultimately led to his fortune. In 2016, the major global crypto exchange Bitfinex was hacked while Christopher Harborne was trading on the platform. The platform issued BFX tokens valued in dollars to affected users; most holders chose to sell off, but Christopher Harborne saw an opportunity and bought in heavily. He later converted the tokens into equity, and following a series of transactions, acquired about 12% of Tether.

Today, Tether is valued at $183 billion, and Christopher Harborne holds about 12% of that share. In the defamation lawsuit documents, Christopher Harborne stated that he has never held any management position at Tether.

"He was simply at the center of a monumental endeavor at the right moment," commented Carol Alexander, a finance professor at the University of Sussex, "This was a highly risky matter; the outcome could have been entirely different."

Christopher Harborne seldom uses social media, and he has never given a lengthy interview or appeared on a podcast. The few audio clips available come from his talk at his vacation spot in Kamalaya, Thailand.

"At Kamalaya, we strive to help every visitor, making a small change every time," he said while sitting at a table, dressed in a shirt, with a very calm tone, "Just changing one small thing is enough."

This composure was something Christopher Harborne achieved only after entering middle age. The Guardian quoted a segment of video content where he mentioned at his Kamalaya talk that in his 40s, he worked 18-hour days repeatedly, sustaining himself on chocolate milk and cookies. Around the same time, a two-seater plane he was flying crashed into a couple's garden in Hampshire, UK; fortunately, the homeowners were unhurt.

His political stance is hard to categorize simply. He barely mentions border and immigration issues in his opinion pieces. He states that he is mainly concerned with artificial intelligence, nuclear war, and climate change. Regarding the £5 million donation, he said it stemmed from an incident in 2019 when a protester threw a banana milkshake at Farage during a campaign event in Newcastle.

This attack convinced him: "Not just now, but for the rest of my life, I will ensure Nigel's safety." After the donation became public, Farage was asked on a radio program about how the money would be used and, somewhat indignantly, replied to the host: "I want to use it to buy a Ferrari, is that not allowed?"

"I'm happy to clear my name"

Ben Delo, crypto billionaire, co-founder of BitMEX

Ben Delo grew up in Oxford, being expelled from three different schools during primary school, one occurrence being for vandalizing a teacher's restroom. Diagnosed with Asperger's syndrome at age 11, he says it made it difficult for him to understand social cues; others argue he just enjoys causing mischief. In 2005, he graduated from Oxford and wore a wetsuit under his tuxedo to a formal dinner. The dress code only required formal attire without further specifications.

UK media often refer to him as the youngest self-made billionaire in Britain. His actual net worth is hard to quantify accurately, and he has faced major public setbacks on his path to wealth.

After joining JPMorgan in Hong Kong, he co-founded the crypto derivatives exchange BitMEX in 2014. Six years later, US prosecutors charged BitMEX with deliberately failing to build adequate anti-money laundering and user identification systems. In February 2022, Ben Delo pleaded guilty to violating the Bank Secrecy Act and agreed to pay a $10 million fine. Four months later, he was sentenced to 30 months of probation.

In March 2025, President Trump issued a full pardon for him.

"Today, a legal injustice has been rectified." Ben Delo stated in a declaration, "I am happy to clear my name, lift the burden of false convictions, and continue to dedicate myself to life and charitable endeavors."

After receiving the pardon, Ben Delo launched a large-scale charitable donation campaign. Reports indicate he has already invested over $100 million in various charitable projects, including autism research and his alma mater, Oxford. His most attention-grabbing project is called The Sanctuary, located in a new Gothic building not far from Westminster Abbey, situated between a co-working space and a private members' club. The entrance has no sign, and members are asked not to take photos inside.

Harry Shukman from the investigative agency Hope Not Hate researched this location and described its interior as: "Chesterfield leather sofas, ancient tapestries depicting medieval scenes, champagne, Fabergé eggs, and even a stuffed penguin. There is also a map of Saint Helena Island, where Napoleon was exiled."

The Sanctuary regularly holds events, inviting right-wing scholars, podcasters, and politicians who oppose "woke culture." Among the attending politicians is Rupert Lowe, who founded the Reclaim Party, which is positioned even more extremely than the Reform Party.

Speaking about Ben Delo, Rupert Lowe stated in a phone interview: "I think he is concerned about the direction Britain is heading and is doing what he believes is the best way to change the situation with all his might. I believe he is a very good person."

In his opinion piece, Ben Delo stated that he "has exited the crypto industry," and his donations are not in pursuit of more wealth. What he is truly concerned about is dismantling political correctness. He once described political correctness as "a totalitarian ideology that is stifling our society."

To him, the Reform Party is the only party that can combat this invisible enemy. Ben Delo likens the Reform Party to a startup, with its opponents being established parties that have existed for hundreds of years, a significant disparity in size.

"The market has generally digested this matter"

Now, the scale may have tilted in the opposite direction. The Reform Party plans to hire up to 400 campaign managers nationwide for targeted constituencies. Farage also stated the goal is to create "the strongest research and policy team in the history of British politics."

The premise is that the Reform Party can keep this donation.

In March of this year, the Labour Party introduced a bill that plans to impose a political donation cap on British citizens living abroad or newly returned, limiting it to £100,000 per year. The bill will be retroactive to March 25, and if enacted, it could trigger a massive recovery of funds. If Ben Delo and Christopher Harborne settle overseas before that deadline, the Reform Party may have to return almost the entire amount of £72 million in donations.

Therefore, the residency of these two individuals is currently a highly scrutinized issue across the UK.

Richard Tice, Deputy Leader of the Reform Party, stated in a BBC interview: "We confirm that they are fully compliant with both existing regulations and proposed bills."

The bill is expected to undergo review in the House of Lords in the coming months, but the final destination for this crypto capital donation will likely be determined by the courts. Regardless of the outcome, Farage will solidify his status as the leading populist leader in the UK and become the emblematic figure of the nationalist movement sweeping across Europe.

He may need to run again for the MP election in Clacton. Reports indicate that the parliamentary commissioner’s investigative report will be released soon, and if the conclusion is unfavorable to him, a recall petition may be initiated. Farage would therefore have to run for the same seat for the third time. If he wins, a daunting task lies ahead: convincing voters across the UK that he and the Reform Party are ready to govern.

"There is no doubt that these scandals have damaged his image," said podcaster and former Prime Minister Blair’s press secretary Alastair Campbell, "but he hopes to be like Trump: people have already accepted that such things exist. People will think, 'Yeah, Nigel is just that kind of person, but to be honest, all politicians are dirty.'"