Betanews reports that Jordan Belfort, the man the movie the Wolf of Wall Street was based on, informs us of Initial Coin Offerings (ICO) being the “biggest scam ever.” ICOs are used to raise the funds for cryptocurrencies and he says it is far worse than anything he has done. Although, there is the fact of the him spending almost two years in prison for financial scams. Some are trying to figure out ways to bring some stability to the market.



With IPOs investors gain shares in whatever company they plough money into, and profits can be easily shared. With ICOs, however, there is no mechanism in place for distributing any profits that may be made, profits are reliant on the value of a given cryptocurrency increasing and, perhaps more worrying, ICOs are not regulated in the way IPOs are.

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Source: [H]ardOCP – Real Life Wolf of Wall Street Calls Cryptocurrency ICOs Biggest Scam