As we already discussed here, Trump’s ‘Strategic Crypto Reserve’ appears to be just another way to legalize bribery, but as award winning economist Paul Krugman discussed in his latest post on Substack and during an interview with CNN’s Erin Burnett this Friday, it’s also just a giant pump and dump leaving taxpayers and small investors on the hook and vulnerable to hackers:
Look, there’s a lot going on, most of it terrible. Even so, I’m surprised that we’re just starting to get widespread coverage of the biggest theft in world history — at least so far. And as I’ll explain, a related but even bigger theft, promoted by Donald Trump, is in progress as you read this.
Here’s the story: last month hackers looted Ethereum coins worth $1.5 billion from Bybit, a Dubai-based crypto exchange — apparently the most money anyone has ever stolen in a single caper. The FBI believes that the North Korean regime was behind the hack. Most of the coins have already been laundered into Bitcoin, and will eventually be turned into real money that will be used to sustain Kim Jong Un’s brutal dictatorship. […]
