Jordan Belfort, Still the Wolf, Likes Crypto Now

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MIAMI BEACH — Jordan Belfort was lounging by the pool on a sunny April morning, sipping Purple Bull and sharing a cautionary story. Not the standard one about his imprisonment on 10 counts of securities fraud and cash laundering: This time, he’d been the sufferer. Final fall, he defined to a gaggle of businessmen gathered at his palatial dwelling, a hacker had stolen $300,000 of digital tokens from his cryptocurrency pockets.

He had gotten the dangerous information at dinner on a Friday, he mentioned, whereas he was telling a venture-capitalist good friend in regards to the time he sank his yacht throughout a drug-fueled romp within the mid-90s. After breaking into Mr. Belfort’s account, the hacker transferred giant portions of Ohm, a preferred cryptocurrency token, to a separate pockets — a publicly seen transaction Mr. Belfort might do nothing to reverse. “You may see the place the cash is,” he mentioned. “It’s essentially the most irritating factor.”

Mr. Belfort, 59, is greatest recognized for “The Wolf of Wall Avenue,” a tell-all memoir about his debauched Nineteen Nineties profession in excessive finance, which the director Martin Scorsese tailored right into a 2013 film starring Leonardo DiCaprio because the hard-partying protagonist. Lately, the real-life Mr. Belfort is a guide and gross sales coach, charging tens of 1000’s of {dollars} for personal classes.

This month, at his home in Miami Seashore, he hosted 9 blockchain fanatics and entrepreneurs for a weekend-long crypto workshop — an opportunity to hang around with the Wolf and revel in an “intimate monetary expertise” along with his crypto-industry pals.

An extended line of celebrities has tried to revenue from the cryptocurrency growth, showing in broadly mocked crypto commercials or flogging nonfungible tokens, the distinctive digital collectibles generally known as NFTs. Mr. Belfort mentioned he has refused to take part within the worst of the shilling. He has declined provides to launch a line of Wolf-themed NFTs, he mentioned, though “I might simply make $10 million.”

He’s additionally a latest convert away from crypto skepticism. Not way back, he shot a YouTube video in regards to the risks of Bitcoin, which he referred to as “frickin’ madness” and “mass delusion.” Through the years, he mentioned, he regularly modified his thoughts, as he discovered extra about cryptocurrencies and costs skyrocketed.

Now, Mr. Belfort is an investor in a handful of start-ups, together with a brand new NFT platform and an animal-themed crypto undertaking that he mentioned is “attempting to take the dog-and-pet ecosystem and put it onto the blockchain.”

No matter his crypto bona fides, Mr. Belfort is definitely certified to debate the topic of economic fraud, a serious downside within the digital-asset {industry}. Within the Nineteen Nineties, the agency he based, Stratton Oakmont, operated a classy stock-manipulation scheme. On the peak of their wealth, he and his enterprise companions consumed monumental portions of cocaine and quaaludes and often employed prostitutes. Mr. Belfort ultimately served 22 months in jail.

On condition that historical past, it could actually really feel barely surreal to listen to an older, extra grizzled Mr. Belfort proclaim that he’s “massively trying ahead to regulation” within the crypto {industry}. “I’m not fascinated by separating folks from their cash,” he mentioned. “That’s the alternative of how I act proper now.”

Nonetheless, the crypto workshop at his home was not free: Company paid one Bitcoin for a seat, or the money equal, which is roughly $40,000.

The workshop started at 9 a.m. on Saturday. The friends — chosen from a pool of greater than 600 candidates — milled round Mr. Belfort’s yard, consuming made-to-order omelets and buying and selling tips on Bitcoin mining and tokenomics. A crypto miner from Kazakhstan relaxed within the solar with an aspiring blockchain influencer who runs a roofing firm in Idaho. A Florida businessman defined his plan to make use of NFTs in a start-up that he’s pitching as Tinder for music. Among the friends mentioned they paid for the workshop as a result of they’re die-hard followers of the Wolf; others merely wished to community with fellow entrepreneurs.

By 9:15 a.m., the mimosas have been flowing, however Mr. Belfort was nowhere to be seen. “The U.S. greenback goes to crap,” mentioned the roofing government, Doug Bartlett. A couple of minutes handed. Nonetheless no Wolf. “The Wolf continues to be sleeping?” one visitor puzzled aloud.

Eventually, Mr. Belfort emerged from the home, sporting pale denims and darkish sun shades. Mr. Belfort has brief darkish hair; he’s extra wrinkled than he was within the ’90s, however his face continues to be set in a perpetually boyish grin. He stopped on the staircase down from the porch to survey the scene: 9 males wearing numerous shades of enterprise informal — polo shirts, flip-flops, untucked button-down shirts. “I assume we nonetheless have to work on female adoption of cryptocurrency,” he mentioned. “We obtained to get some women right here subsequent yr.” He paused. “Ladies.”

Somebody handed Mr. Belfort a can of Purple Bull. (It was about 9:30 a.m.) “I’m gonna want the sugar,” he mentioned. After a couple of minutes of chitchat, he ushered the group into the eating room, the place every place on the desk was set with a pocket book and a replica of “Means of the Wolf,” a gross sales handbook Mr. Belfort printed in 2017.

Mr. Belfort has spent the previous twenty years attempting to rebuild his fame, however indicators of the previous Wolf have been all over the place. Behind his spot on the head of the desk, a totally stocked liquor shelf took up many of the wall. (He hasn’t gotten excessive in 25 years, he mentioned, however he typically drinks.) Subsequent to the shelf hung a poster designed to resemble an entry on the periodic desk — Qu for quaalude — itemizing numerous “drug details,” together with “greatest intercourse ever.”

After a spherical of introductions, Mr. Belfort started a lecture on the trivia of cryptocurrencies, from the variations between Bitcoin and Ethereum to the rise of decentralized autonomous organizations. He shared his knowledge on crypto-based “good contract” methods (“a few of them are actually good; a few of them are silly”) and recounted previous tales about his collaboration with Leo and Marty.

“Leo had by no means completed medication,” he mentioned. “I needed to educate him on that.”

For a gathering of crypto evangelists, it was putting how a lot time everybody spent reliving their greatest losses. Practically half the group mentioned they’d been hacked. One visitor mentioned he’d misplaced cash when the cryptocurrency alternate Mt. Gox collapsed in 2014. Two others mentioned they’d burned giant portions of tokens in dangerous trades.

The power within the room lifted with the arrival of Chase Hero, certainly one of a collection of visitor audio system Mr. Belfort had recruited for the weekend. A crypto investor and gaming fanatic, Mr. Hero declared that stablecoins — cryptocurrencies whose worth is pegged to the U.S. greenback — are “the most important innovation since sliced bread.”

“It appears vivacious and insane and nearly borderline a Ponzi scheme,” Mr. Hero mentioned of his favourite stablecoin undertaking. “Which makes it the proper asset for cryptocurrency as a result of that’s what these children love.”

One in every of Mr. Belfort’s friends, Svein-Erik Nilsen, a Norwegian entrepreneur, began describing his personal enterprise ambitions. Did Mr. Hero have any suggestions? The important thing to beginning a brand new enterprise, he replied, is aggressive advertising and marketing to face out from the group. “Think about going to a Brazilian seaside and looking for one single sizzling chick. There’s eight million,” Mr. Hero mentioned. “The thought is identical factor right here. You need to do silly, dumb advertising and marketing to get it on the market.”

A number of hours later, the group adjourned for dinner at Carbone, a high-end Italian restaurant in Miami Seashore the place Mr. Belfort eats as typically as twice per week. As they dined on caviar and rigatoni, a few of the friends shared tales of their very own debauchery; Mr. Belfort, it turned out, was not the one wolf within the room. Two friends mentioned the mechanics of pursuing youthful girls with out risking entanglement in a “sugar child” scenario. Somebody speculated about how an enterprising strip membership proprietor would possibly incorporate NFTs into the enterprise.

Quickly dialog turned to a membership in Japan the place girls are mentioned to cavort with octopuses. Mr. Belfort wished to know extra: Have been the ladies in Japan stunning? Later, he confirmed the group an iPhone video he took at an S-and-M-themed bar, the place the waitresses flog the shoppers.

Artem Bespaloff, the chief government of the crypto mining firm Asic Jungle, leaned throughout the desk to explain his private conversion to the way in which of the Wolf. He was planning to go to medical college, he mentioned, when he discovered a replica of “The Wolf of Wall Avenue” on the library.

“I mentioned, ‘That is what I wish to do,’” Mr. Bespaloff recalled. “I ended up stealing the ebook from the library.”

“So I used to be affect,” Mr. Belfort mentioned with amusing. Nonetheless, he mentioned, he regrets his habits in these days — it was fallacious, and he might have gotten even richer if he hadn’t damaged the regulation. “I missed the web growth,” he mentioned. “I’d’ve made 100x extra money.”

“Nicely,” Mr. Bespaloff replied, “you’re in crypto now.”

“You reside and be taught,” Mr. Belfort mentioned.

Audio produced by Adrienne Hurst.