Here is why crypto must be phased out

The anonymity of cryptocurrencies makes it easy for criminals to flourish. We’re reminded of this by news today that ransomware group Hive was busted by the FBI.

“Hive was one the most prolific among a wide range of cybercriminal groups that extort international businesses by encrypting their data and demanding massive cryptocurrency payments in return. Globe and Mail

Yet, in the past month or so, stock markets are seeing vigorous rallies in crypto stocks. Consider, for example, the January gains in these crypto-mining stocks:

• Hut 8 Mining Corp. 129.1%

• Riot Platforms Inc. 69.1%

• Marathon Digital Holdings Inc. 143.2%

I’ve never been a fan of the currency It amazes me how this foolishness has gone on for so long. How can it be so? Oh yeah . . . .

“Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months, placing him among the nation’s top political donors.” Time

“FTX made massive sponsorship deals with sports leagues and star athletes like Tom Brady.” Yahoo Finance

“… people close to FTX and Bankman-Fried told CNBC that the former CEO lobbied aggressively for a partnership with 11-time Grammy Award winner Taylor Swift. The deal, which would have cost the now-bankrupt company more than $100 million over three years, was close to coming to fruition” CNBC

“Former FTX spokesman Kevin O’Leary defends endorsement of Bankman-Fried’s crypto firm” CNBC