ICOs are the biggest scam ever – Wolf of Wall Street

The real-life Wolf of Wall Street, Jordan Belfort, has called ICOs “the biggest scam ever”.

He said initial coin offerings will “blow up in so many people’s faces”, and are much worse than anything he did in his financial career.

Speaking to the Financial Times, Belfort said that while 85% of people don’t have bad intentions, if “5% or 10% are trying to scam you, it’s a fucking disaster”.

His warning against ICOs comes after China declared the coin offerings illegal.

Now read: China starts shutting down Bitcoin exchanges

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ICOs are the biggest scam ever – Wolf of Wall Street