Former stockbroker, commonly known as the “Wolf of Wall Street,” Jordan Belfort, said he believes the collapse was likely premeditated after observing the conduct of FTX’s former CEO.

Interestingly, Belfort termed FTX’s business model as a ‘frat house’ while questioning why backers of the exchange had failed to see any warning signs. 

“This is more of a frat house than a real business at the end of the day. I think the more disturbing thing, though, is the fact that all these major league hedge funds and VCs didn’t pick up on what is so blatantly obvious. <…> You know, all these huge companies are investing with these obvious warning signs out there,” he added.