Technology

Crypto: ‘Wolf of Wall Street’ speaks out in FTX case

Jordan Belfort is a former American broker. He is considered the most notorious fraudster in the US stock market. In 1989, he founded the brokerage firm Stratton Oakmont. She sells shares of small companies over the phone at low prices and with dubious growth prospects. The entrepreneur will get rich despite the very high risk. In a few years, his empire will collapse and he will be sentenced to prison. His story inspired the film The Wolf of Wall Street, starring Leonardo DiCaprio. Today, Jordan Belfort is still struggling to pay off his debts, which are over $100 million. He recently spoke out about the FTX crypto scandal.

Jordan Belfort criticizes Sam Bankman-Freed

On Saturday, wolf of Wall Street Jordan Belfort criticized Sam Bankman-Fried for his handling of the FTX crypto exchange. It was during an interview with Maria Bartiromo on Wall Street, a Fox Business Network weekly program that analyzes economic news. According to the former broker, FTX is not a real crypto exchange at all.

For him, Sam Bankman-Fried was a bad manager because he was betting on incredible derivatives deals. Therefore, it was expected that the appeal to FTX debt would only lead to a similar situation, he explained.

Jordan Belfort shared the interview on his Twitter account.

“This is not an exchange. It’s like a brokerage firm or a bank that held clients’ money and siphoned it off. Sam Bankman-Fried used it as his personal piggy bank. People put their money into FTX because they wanted to trade like any brokerage firm. It would be like going to JPMorgan Chase, depositing money into your Chase bank account, and then finding out that it was actually CEO Jamie Dimon who personally took your money and went to Las Vegas to gamble on weekend. So your money is his money. What is the difference ? “, he commented.

Once upon a time, Jordan Belfort, a former crypto skeptic, recently said he had changed his mind. For him, bitcoin (BTC) is a reliable cryptocurrency with a great future. Last June, during an interview with Yahoo Finance, he said: “I used to really hate cryptocurrencies. I support everything that was said about cryptography in 2017, except for one. I was wrong in saying that bitcoin will zero out.”

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Avatar of Luke Jose Ajinaku
Luke Jose Ajinaku

The failed cryptocurrency investment in 2017 not only did not dampen my enthusiasm, but only increased my enthusiasm. Therefore, I decided to study and understand the blockchain and its many applications, as well as pass on information regarding this ecosystem with my pen.

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