A previously undisclosed seven-figure gift to Nigel Farage from a major stakeholder in Tether was revealed today, piling on more scrutiny over Reform UK's funding and political donations tied to the crypto industry.

In a Wednesday report from The Telegraph, citing an interview with Farage, it was revealed that in 2024, Christopher Harborne, a billionaire and 12% stakeholder of USDT stablecoin issuer Tether, gave Farage a roughly £5 million gift to go towards security costs.

"This money was given to me so that I would be safe and secure for the rest of my life," Farage said, citing threats, a firebombing at his home and an infamous 2019 incident where Farage was hit with a flying milkshake.

The payment was reportedly structured as a personal gift and was never officially disclosed under UK campaign finance laws.

Harborne, also a British citizen, is one of the largest financial backers of the Reform UK party, founded and led by Farage.

Filings show that Harborne has donated roughly £12 million ($16 million) to the party, not counting the security gift.

UK crypto hub

Reform has made crypto and digital assets a major part of its platform, with Farage pitching aspirations of the UK becoming a global crypto hub and supporting policies that would lower capital gains taxes on crypto. The party was also the first in the UK to accept crypto donations. 

This latest disclosure comes just weeks after the UK moved to ban political donations made in crypto, which they argue can be used to obscure the origin of funds. Prime Minister Keir Starmer said the policy was aimed at "protecting our democracy," as officials warned that crypto contributions could open the door to foreign influence.