How the former “Wolves of Wall Street” view bitcoin and cryptos

Posted on 25 Dec. 2021 at 9:14Updated 25 Dec. 2021 at 10:47

Jordan Belfort, the financier who inspired the movie “The Wolf of Wall Street”, warns against “crypto wolves”. In an interview with the English newspaper “The Sun”, Jordan Belfort believes that the creators of Dogecoin and the crypto Shiba Inu should “be put in prison” for having created such scams. The “wolf of Wall Street” himself spent 22 months behind bars, between 2004 and 2006, for a massive scam called “Kettle” or “pump and dump”. Its traders bought stocks abandoned by traditional investors. They then wildly promoted it to small, novice carriers to create a bubble, which allowed them to resell the shares at a profit.

The kettle scam he popularized is common in the crypto industry. It has more than 16,000 cryptos and tokens, often very small and illiquid and therefore easy to handle by creating a “buzz” on social networks. Bernard Madoff’s Ponzi schemes have also invaded the sector and targeted bitcoin and cryptos, offering attractive returns to lure their victims.

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