Nigel Farage was subject to at least two parliamentary standards enquiries about big, undisclosed personal payments he received from crypto-bros around the time he decided to stand to be the Member of Parliament (MP) for Clacton. Because he then lobbied the Bank of England as the leader of one of the parliamentary parties to drop their digital pound plans (which would undermine Tether's value proposition, and one of the donations, £5m/$6.75m, came from a Tether cofounder), the press were suggesting he is guilty of outright corruption.

By standing down as an MP, rather than letting the enquiry proceed, he hopes he has removed the parliamentary authorities' powers to look into his affairs too closely, but to avoid embarrassment, he's asserted in public that he stood down (and then immediately put himself forward as a candidate to stand in the special election that results) as a way to thwart the deep state's efforts to tarnish his reputation and to take away the power of the establishment to try him unfairly, and handed the power to determine his fate to the good people of Clacton (who now won't get the chance to find out if their local MP is corrupt, thanks to the parliamentary enquiry being halted).

In all honesty, it doesn't look like he knows what he's doing, but there was some suspicion that he was planning to drop out of the special election for personal reasons in due course, avoiding a return to parliament and the related scrutiny, and letting his seat fall to the Conservatives or Restore UK - but all the other parties refused to put up candidates, so now he's up against one comedy candidate and is probably going to win the seat regardless, unless he drops out and leaves the poor people of Clacton with a fiasco of some sort on their hands.