The crypto space has blown up in recent years and, with many influencers trading cryptocurrency and tokens, as well as promoting ones they work with, Jordan Belfort has some stern words for those not being careful.
In recent months, we’ve seen many influencers getting ever more involved in crypto, be it just trading currency as an investment or buying NFTs for their own digital art collection.
It hasn’t all been fun and games though. In July 2021, FaZe Clan dropped Kay and suspended Teeqo, Nikan and Jarvis over an alleged crypto pump-and-dump scam.
While Teeqo has since been reinstated to FaZe Clan, the rest remain separated from the team, with the entire ordeal being a real eye-opener for both fans and fellow influencers alike.
This isn’t something lost on Jordan Belfort, either. Known more commonly as the Wolf of Wall Street, with the hit 2013 Leonardo DiCaprio film based on his career, Belfort is very familiar with how money can dictate someone’s come-up — and their fall from grace.
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Having served time himself for market manipulation, Belfort spoke on the NELK Boys’ Full Send podcast about how he’s surprised to see it so rife in the crypto space.
“Every single crypto deal… I went to jail for what you guys do every f**king day,” he said jokingly. With NELK’s Kyle Forgeard mentioning the lack of crypto regulation and influencer involvement, Belfort had some clear words.
“There’s going to be some serious f**king hell to pay for that,” he said. “The wheels of justice grind slowly, but they grind forward. If you’re an influencer and you promoted a sh*t coin, and you were selling while everyone else was buying… The paper trail does not go away.”
Hinting that influencers promoting new ‘sh*t coins’ every week could see jail time — even suggesting a minimum five years — Belfort is clearly very wary of how influencers can affect the market.
The FaZe Clan crypto ordeal is perhaps the biggest in the YouTube and online space, but if even the Wolf of Wall Street is telling you not to partake in this type of market manipulation, you’re probably best off listening.