Jordan Belfort, the real-life Wolf of Wall Street and convicted felon who plead guilty to charges of fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam, is a blockchain fan but sees many of the meme crypto coins as nothing but scams, calling and the creators to face jail time while pointing the dangers of the cryptocurrency industry.
Belfort recently told The Sun that,
“I’m a fan of blockchain but there’s a lot of nonsense out there, a lot of s**t coins which serve no purpose and are only there to separate people from their money.”
He went on to specifically call out the dangers if investing in Shiba Inu and Dogecoin calling both digital coins a joke saying,
“You hear crazy stories of people making millions and billions but for every person like that there are 10,000 or a 100,000 people getting their a** handed to them in Shiba Inu. It’s not a proper investment.”
Belfort went on to point out the dangers that he sees lurking behind the scenes of the crypto industry,
“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naïve.”
He added that,
“Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose-built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.”
Belfort, who was jailed in the 1990s for stock market manipulation, also said the creators behind many of the meme coins and get rich quick schemes should be indicted on financial charges,
“People should go to jail seriously – they are not legitimate. There is no way they are ever going to work. The sooner governments step in the better it is for crypto because when authorities start to regulate a dark market, it gets bigger and better.”
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