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Crypto’s Anonymity Has Regulators Circling After Colonial Hack

May 12, 2021, 8:00 AM

When Berkshire Hathaway Inc. Vice Chairman Charlie Munger earlier this month called Bitcoin “useful to kidnappers and extortionists” and “contrary to the interests of civilization,” crypto enthusiasts mocked his investment performance, compared him to an elderly Muppet, and said he was too old to understand the technology. Michael Saylor, a crypto investor and chief executive officer of MicroStrategy Inc., asked rhetorically in an interview with a precious metals website, “Do you go to your great-grandfather for investment advice on new technologies?”

Munger’s warning is looking pretty good about now. Days ago, a criminal gang hacked Colonial Pipeline Co. ...