Convicted Cardinal Giovanni Angelo Becciu pulls out of the conclave to choose the next pope
A cardinal convicted of financial crimes by the Vatican who was demanding he should be able to participate in the upcoming conclave to decide who will replace Pope Francis now says he will not take part in it.
Cardinal Giovanni Angelo Becciu, 76, was asked by Francis to step down from his position and resign all 'rights and privileges' of being a cardinal at the Vatican in 2020 after he was accused of being involved in embezzlement and fraud. Three years later, Becciu was convicted of the charges and given a five-and-a-half-year sentence.
Since his conviction, Becciu has maintained his innocence. Last week, he told a Sardinian newspaper that despite being labeled by the Holy See's press office a 'non-elector' in the conclave, 'there was no explicit will to exclude me from the conclave nor a request for my explicit renunciation in writing.'
Becciu released a statement on Tuesday, saying 'I have decided to obey, as I have always done, Pope Francis' will not to enter the Conclave while remaining convinced of my innocence.'
Here's what we know about Becciu:
Becciu has been involved with the Vatican since 2001. In 2011, Pope Benedict XVI appointed him as substitute for general affairs in the secretariat of state, similar to a chief of staff position, making him the third most powerful person at the Vatican.
Francis made Becciu a cardinal in 2018 and then appointed him prefect of the Congregation for the Causes of Saints, another powerful position where he was in charge of the Vatican's saint-making department.
The Vatican issued a statement in September 2020 announcing that Francis had accepted Becciu's resignation from his position at the Congregation for the Causes of Saints and 'his rights connected to the cardinalate.' The Vatican identified Becciu as 'His Eminence Cardinal,' which means that Becciu still had the cardinal title but none of the rights.
At the time, it was reported that Becciu was involved in a financial scandal involving the Vatican's investment in a real estate deal in London.
In 2014, the Vatican entered a real estate venture by investing $200 million in a fund run by Raffaele Mincione, an Italian businessman, to grant the Vatican 45% ownership of a luxury building in London's Chelsea neighborhood, the Associated Press reported. The investment funds came from the asset portfolio of the secretariat of state, which Becciu had been No. 2 in at the time, and is funded by Peter's Pence donations from Catholics around the world. Peter's Pence donations are forwarded to the pope to help maintain the Vatican and donate to charities.
When Becciu left the position in 2018 after Francis named him a cardinal, Becciu's successor wanted to end the fund and buy out the full building to avoid losing more money. Instead, the buyout deal cost the Vatican millions of euros, which launched the investigation into Becciu and other Vatican employees involved in organizing the deal in 2014.
Becciu wasn't investigated only because of the London building. He was also accused of funneling money to his home diocese of Sardinia, BBC News reported.
In 2022, Becciu was accused of sending large amounts of money to Australia when an Australian cardinal was on trial.
Becciu and nine other defendants — including financiers, lawyers and former Vatican employees — faced charges including embezzlement, fraud, money laundering and abuse of office, according to BBC News.
After two years of trials, the Vatican court sentenced Becciu to five and a half years in jail for financial crimes in December 2023. Becciu became the first cardinal to be tried and convicted by the Vatican's criminal court.
'We reaffirm Cardinal Angelo Becciu's innocence and will appeal,' Becciu's lawyer, Fabio Viglione, said after the verdict. 'We respect the ruling, but we will definitely appeal.'
Becciu and his lawyer have appealed the 2023 ruling. While the appeal process is ongoing, Becciu has avoided jail and has been allowed to live in his Vatican apartment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
28 minutes ago
- CNBC
'Bitcoin Family' hides crypto codes etched onto metal cards on four continents after recent kidnappings
A wave of high-profile kidnappings targeting cryptocurrency executives has rattled the industry — and prompted a quiet security revolution among some of its most visible evangelists. Didi Taihuttu, patriarch of the so-called "Bitcoin Family," said he overhauled the family's entire security setup after a string of threats. The Taihuttus — who sold everything they owned in 2017, from their house to their shoes, to go all-in on bitcoin when it was trading around $900 — have long lived on the outer edge of crypto ideology. They travel full-time with their three daughters and remain entirely unbanked. Over the past eight months, he said, the family ditched hardware wallets in favor of a hybrid system: Part analog, part digital, with seed phrases encrypted, split, and stored either through blockchain-based encryption services or hidden across four continents. "We have changed everything," Taihuttu told CNBC on a call from Phuket, Thailand. "Even if someone held me at gunpoint, I can't give them more than what's on my wallet on my phone. And that's not a lot." CNBC first reported on the family's unconventional storage system in 2022, when Taihuttu described hiding hardware wallets across multiple continents — in places ranging from rental apartments in Europe to self-storage units in South America. As physical attacks on crypto holders become more frequent, even they are rethinking their exposure. This week, Moroccan police arrested a 24-year-old suspected of orchestrating a series of brutal kidnappings targeting crypto executives. One victim, the father of a crypto millionaire, was allegedly held for days in a house south of Paris — and reportedly had a finger severed during the ordeal. In a separate case earlier this year, a co-founder of French wallet firm Ledger and his wife were abducted from their home in central France in a ransom scheme that also targeted another Ledger executive. Last month in New York, authorities said, a 28-year-old Italian tourist was kidnapped and tortured for 17 days in a Manhattan apartment by attackers trying to extract his bitcoin password — shocking him with wires, beating him with a gun, and strapping an Apple AirTag around his neck to track his movements. The common thread: The pursuit of crypto credentials that enable instant, irreversible transfers of virtual assets. "It is definitely frightening to see a lot of these kidnappings happen," said JP Richardson, CEO of crypto wallet company Exodus. He urged users to take security into their own hands by choosing self-custody, storing larger sums on hardware wallets, and — for those holding significant assets — exploring multi-signature wallets, a setup typically used by institutions. Richardson also recommended spreading funds across different wallet types and avoiding large balances in hot wallets to reduce risk without sacrificing flexibility. That rising sense of vulnerability is fueling a new demand for physical protection with insurance firms now racing to offer kidnap and ransom (K&R) policies tailored to crypto holders. But Taihuttu isn't waiting for corporate solutions. He's opted for complete decentralization — of not just his finances, but his personal risk profile. As the family prepares to return to Europe from Thailand, safety has become a constant topic of conversation. "We've been talking about it a lot as a family," Taihuttu said. "My kids read the news, too — especially that story in France, where the daughter of a CEO was almost kidnapped on the street." Now, he said, his daughters are asking difficult questions: What if someone tries to kidnap us? What's the plan? Though the girls carry only small amounts of crypto in their personal wallets, the family has decided to avoid France entirely. "We got a little bit famous in a niche market — but that niche is becoming a really big market now," Taihuttu said. "And I think we'll see more and more of these robberies. So yeah, we're definitely going to skip France." Even in Thailand, Taihuttu recently stopped posting travel updates and filming at home after receiving disturbing messages from strangers who claimed to have identified his location from YouTube vlogs. "We stayed in a very beautiful house for six months — then I started getting emails from people who figured out which house it was. They warned me to be careful, told me not to leave my kids alone," he said. "So we moved. And now we don't film anything at all." "It's a strange world at the moment," he said. "So we're taking our own precautions — and when it comes to wallets, we're now completely hardware wallet-less. We don't use any hardware wallets anymore." The family's new system involves splitting a single 24-word bitcoin seed phrase — the cryptographic key that unlocks access to their crypto holdings — into four sets of six words, each stored in a different geographic location. Some are kept digitally through blockchain-based encryption platforms, while others are etched by hand into fireproof steel plates using a hammer and letter punch, then hidden in physical locations across four continents. "Even if someone finds 18 of the 24 words, they can't do anything," Taihuttu explained. On top of that, he's added a layer of personal encryption, swapping out select words to throw off would-be attackers. The method is simple, but effective. "You only need to remember which ones you changed," he said. Part of the reason for ditching hardware wallets, Taihuttu said, was a growing mistrust of third-party devices. Concerns about backdoors and remote access features — including a controversial update by Ledger in 2023 — prompted the family to abandon physical hardware altogether in favor of encrypted paper and steel backups. While the family still holds some crypto in "hot" wallets — for daily spending or to run their algorithmic trading strategy — those funds are protected by multi-signature approvals, which require multiple parties to sign off before a transaction can be executed. The Taihuttus use Safe — formerly Gnosis Safe — for ether and other altcoins, and similarly layered setups for bitcoin stored on centralized platforms like Bybit. About 65% of the family's crypto is locked in cold storage across four continents — a decentralized system Taihuttu prefers to centralized vaults like the Swiss Alps bunker used by Coinbase-owned Xapo. Those facilities may offer physical protection and inheritance services, but Taihuttu said they require too much trust. "What happens if one of those companies goes bankrupt? Will I still have access?" he said. "You're putting your capital back in someone else's hands." Instead, Taihuttu holds his own keys — hidden across the globe. He can top up the wallets remotely with new deposits, but accessing them would require at least one international trip, depending on which fragments of the seed phrase are needed. The funds, he added, are intended as a long-term pension to be accessed only if bitcoin hits $1 million — a milestone he's targeting for 2033. The shift toward multiparty protections extends beyond just multi-signature. Multi-party computation, or MPC, is gaining traction as a more advanced security model. Instead of storing private keys in one place — a vulnerability known as a "single point of compromise" — MPC splits a key into encrypted shares distributed across multiple parties. Transactions can only go through when a threshold number of those parties approve, sharply reducing the risk of theft or unauthorized access. Multi-signature wallets require several parties to approve a transaction. MPC takes that further by cryptographically splitting the private key itself, ensuring that no single individual ever holds the full key — not even their own complete share. The shift comes amid renewed scrutiny of centralized crypto platforms like Coinbase, which recently disclosed a data breach affecting tens of thousands of customers. Taihuttu, for his part, says 80% of his trading now happens on decentralized exchanges like Apex — a peer-to-peer platform that allows users to set buy and sell orders without relinquishing custody of their funds, marking a return to crypto's original ethos. While he declined to reveal his total holdings, Taihuttu did share his goal for the current bull cycle: a $100 million net worth, with 60% still held in bitcoin. The rest is a mix of ether, layer-1 tokens like solana, link, sui, and a growing number of AI and education-focused startups — including his own platform offering blockchain and life-skills courses for kids. Lately, he's also considering stepping back from the spotlight. "It's really my passion to create content. It's really what I love to do every day," he said. "But if it's not safe anymore for my daughters ... I really need to think about them."
Boston Globe
4 hours ago
- Boston Globe
Today in History: June 7, James Byrd Jr. killed in hate crime
In 1892, Homer Plessy, a Creole of color, was arrested for refusing to leave a whites-only car of the East Louisiana Railroad. (Ruling on his case, Plessy v. Ferguson, the US Supreme Court upheld 'separate but equal' racial segregation, a concept it renounced in 1954.) Advertisement In 1929, the sovereign state of Vatican City formally came into existence as the Italian Parliament ratified the Lateran Treaty in Rome. In 1942, the Battle of Midway ended in a decisive victory for American naval forces over Imperial Japan, marking a turning point in the Pacific War. In 1965, the US Supreme Court, in Griswold v. Connecticut, struck down, 7-2, a Connecticut law used to prosecute a Planned Parenthood clinic in New Haven for providing contraceptives to married couples. Advertisement In 1976, New York magazine published an article by journalist Nik Cohn entitled 'The Tribal Rites of the New Saturday Night,' which inspired the film 'Saturday Night Fever,' which in turn sparked a nationwide disco craze. (Cohn admitted in 1997 that the article was actually a work of fiction.) In 1979, Texas became the first state to recognize Juneteenth as an official state holiday. (Juneteenth became a federal holiday in 2021.) In 1982, Graceland, Elvis Presley's Memphis mansion, was opened to the public as a tourist destination, five years after Presley's death. In 1998, in a crime that shocked the nation and led to stronger state and federal hate crime laws, James Byrd Jr., a 49-year-old Black man, was hooked by a chain to a pickup truck and dragged to his death in Jasper, Texas. (Two white men were later sentenced to death and executed for the crime; a third was sentenced to life in prison.) In 2006, Abu Musab al-Zarqawi, the founder of al-Qaida in Iraq, was killed by a US airstrike on his safe house. In 2021, Maggie Murdaugh, 52, and her son Paul Murdaugh, 22, from a prominent South Carolina legal family, were found shot and killed on their family's property. (Alex Murdaugh, Maggie's husband and Paul's father, would be found guilty of murder and sentenced to life in prison.)
Bloomberg
4 hours ago
- Bloomberg
Court Rules Trump Can Exclude Journalists From Oval Office
A federal appeals court has ruled that President Donald Trump can exclude journalists from the Oval Office, Air Force One and other 'restricted' spaces based on their editorial decisions, handing the administration a win in its fight with the Associated Press over access. In a 2-1 order on Friday, the US Court of Appeals for the DC Circuit halted a lower-court judge's order that had restored the wire service's ability to participate in a rotating pool of reporters who cover the president's daily movements.
