I Lost Around $300K To Cryptocurrency Hackers, Says Wolf Of Wall Street Jordan Belfort
Jordan Belfort, a former stockbroker who is also named “Wolf of Wall Street,” has acknowledged falling prey to an incident of crypto exploit while expressing the significance of the regulation of this space. Belfort stated that once he lost the digital assets of nearly $300,000 worth kept in the wallet called Metamask following an exploit.
Jordan Belfort Confesses that Crypto Exploiters Took away His $300k
Nonetheless, Belfort specified that after the event, he has turned toward cold storage to keep his assets rather than the hot wallets of cryptocurrency on the exchange. He added that he does not have any funds in crypto exchanges. As per him, as a result of the exploitation of his funds, he lost up to $300,000 worth of MetaMask in 2021. In his opinion, the respective world has now transformed into the Wild West and has become a considerably tough market.
A noteworthy thing here is that after the loss of funds by a lot of consumers due to the FTX downfall, considerable attention is being paid to storing crypto assets on exchanges. In this regard, the focus of investors has been more on the crypto assets’ storage in the wallets offering the facility of self-custody. In addition to this, on-chain data brought to the front the crypto exodus from exchange platforms with storage companies such as Trust Wallet rising as the chief beneficiaries.
Eventually, this interest paved the way for the new highs recorded by the Trust Wallet Token (TWT). Importantly, the crypto world has been continuously going through a bearish trend during this year, categorized by a list of scandals and the FTX debacle being the high-profile and exclusive event in this respect.
Belfort was of the view that to decrease these events, additional regulations are required. According to him, Bitcoin would potentially advance in an atmosphere full of regulation. He moved on to say that even after the enhanced regulation of the crypto assets there will remain a percentage of scams as is the case with every market.
Wolf of Wall Street Accuses Bankman-Fried of Having Engineered the FTX Fiasco
Former reports revealed that Belfort accused Sam Bankman-Fried (the CEO of FTX) of having engineered the decline of the crypto exchange. He categorized the activities of the platform as a ‘frat house.’ In his words, a significant role was played by Bankman-Fried in the general market’s downfall.
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