"The Wolf of Wall Street" considers ICO a fraud

Jordan belfort



The financial market is a suitable environment for fraudsters to appear. In some cases it is quite difficult to distinguish where the scam is, and where it is a legitimate operation. With the advent of cryptocurrency, the situation has become even more difficult, since the cryptographic market is almost not regulated by anyone, with few exceptions. “To fish in troubled waters” is just what some players in the cryptocurrency market do.



Former broker Jordan Belfort, whose life and work became the main plot for the movie “The Wolf of Wall Street”, claims that raising funds with the help of ICO is pure fraud. “This is the biggest scam in history, a massive fraud that will cause damage to a large number of people. This is much worse than what I did, ”he said .



In his opinion, not all ICO participants are scammers, there are much more honest people. The problem is that those whose intentions cannot be called pure can lead to disaster. Belfort believes that only 5-10% of ICO participants can cause the industry to collapse.



Ex-broker claims that the current situation is similar to the state of affairs in the financial sphere of the 1980s, when companies took money from investors without a specific goal. Belfort says that many companies that conduct ICOs are initially trying to attract the maximum amount of attention, and then money. After that, a significant part of such companies simply disappears from sight.



Belfort himself received a jail sentence of two years for money laundering in the United States. After his release, the former broker released his memoirs, which were called "The Wolf of Wall Street" and "Catching the Wolf from Wall Street".



By the way, the film company Red Granite Pictures, which shot "The Wolf from Wall Street", has long been suspected of laundering funds and conducting illegal financial transactions. And although her guilt was not proven, suspicions remained hanging in the air.