Former stockbroker Jordan Belfort, often known as the “Wolf of Wall Street,” acknowledged falling victim to a crypto hacking incident while emphasizing the need to regulate the industry.
According to Belfort, he once lost around $300,000 worth of digital currency kept in the Metamask wallet due to a breach,” he said in a November 21 interview with Yahoo Finance.
However, since the event, Belfort has been storing his funds in cold storage rather than the exchange’s hot cryptocurrency wallets.
“Ledger stores everything in a cold storage wallet, so to speak. So I was hacked, in fact. Last year, I lost almost $300,000 on MetaMask. This business is very, really, extremely difficult right now because it is essentially the Wild West,” stated Belfort.
It is important to note that the emphasis on holding cryptocurrencies on exchanges evolved during the FTX crash when clients lost cash. In this instance, investors have prioritized self-custody wallets for holding their funds.
Intriguingly, on-chain data revealed a migration of cryptocurrencies away from exchanges, with storage providers like as Trust Wallet emerging as important benefactors. As a result of the increased demand, the Trust Wallet Token (TWT) reached all-time highs.
Notably, the cryptocurrency industry has seen a bear market in 2022, marked by a number of scandals, with the collapse of the FTX cryptocurrency exchange being the most recent high-profile event.
In this instance, Belfort said that further restrictions are required to reduce the occurrence of similar events. Belfort has indicated, intriguingly, that Bitcoin (BTC) would certainly flourish in a regulated atmosphere.
As previously reported by Finbold, Belfort had claimed that FTX founder Sam Bankman-Fried was responsible for its demise. He referred to the exchange’s activities as a “frat house” and said that Bankman-Fried was responsible for the market-wide collapse.
Also Read: Man Who Purchased Bitcoin For $1 Believes It Will Eventually Reach $100,000
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