Share this article
The 'Wolf of Wall Street' Thinks ICOs Are a Scam
Initial coin offerings (ICOs) are the "biggest scam ever," according to Jordan Belfort, better known as the "Wolf of Wall Street."
Updated Sep 13, 2021, 7:04 a.m. Published Oct 25, 2017, 6:00 a.m.
Make us preferred on Google
Initial coin offerings (ICOs) are the "biggest scam ever," according to Jordan Belfort, better known as the "Wolf of Wall Street."
Speaking at an interview with the Financial Times, the promotional speaker, former financier and convicted stock fraudster said that he expects projects utilizing the blockchain funding model – through which cryptographic tokens are sold in order to fund a newly developed network – will "blow up in so many peoples' faces."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Noting his own involvement with financial fraud, Belfort claimed that what's happening around ICOs today is "far worse than anything I was ever doing."
Belfort plead guilty to money laundering and stock manipulation charges in 1999, going on to write about his experiences in "The Wolf of Wall Street" (which later became an Academy Award-winning film starring Leonardo DiCaprio).
He went on to say:
"Promoters are perpetuating a massive scam of the highest order on everyone. Probably 85 percent of people out there don't have bad intentions, but the problem is, if five or 10 per cent are trying to scam you, it's a disaster."
Belfort's comments come weeks after he threw his support behind JPMorgan Chase CEO Jamie Dimon, who declared that, in his view, bitcoin is a "fraud" that will ultimately be targeted by regulators. Speaking with TheStreet in late September, Belfort said he that agreed with Dimon's assessment.
"Sooner or later, a central bank or a consortium is going to issue their own cryptocurrency and that's what will take hold," he said at the time.
Image via YouTube
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Asia Morning Briefing: Bitcoin holds steady above $90K as fresh money returns to crypto
New-year allocations support bitcoin prices as leverage cools and volatility expectations rise.
What to know:
- Bitcoin remains stable above $90,000, reflecting consolidation rather than renewed selling pressure.
- Ethereum shows resilience with strong weekly and monthly performance, despite a cooling in futures positioning.
- Gold is expected to reach new highs in 2026 due to falling rates, central bank buying, and geopolitical risks.
Top Stories
