MrBeast, a popular YouTube personality with a massive following, is facing accusations of potentially earning millions of dollars through his involvement in low-cap cryptocurrencies. An anonymous crypto investigator known as SomaXBT has raised concerns about MrBeast’s activities, suggesting that his actions may resemble a pump-and-dump scheme.
According to SomaXBT, MrBeast, whose real name is Jimmy Donaldson, has allegedly earned over $10 million by supporting Initial DEX Offerings (IDOs) for projects such as Polychain Monsters (PMON) and Virtue Poker (VPP). By promoting these tokens to his millions of followers and then selling them once their value increases, MrBeast may have caused losses for regular investors.
SomaXBT uses on-chain data to provide transparency within the crypto community and hold influencers accountable for their actions. In a recent analysis, SomaXBT highlighted the risks associated with influencer-backed token promotions and the potential negative impacts on investors.
The investigation also revealed MrBeast’s involvement in various projects, including SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP). The analysis, based on wallet activity linked to ‘Mr. Beast’ on Arkham Intelligence, suggests that MrBeast made significant profits from his investments in these tokens.
For example, it is alleged that MrBeast invested $100,000 in the $SUPER token by SuperFarmDAO and received 1 million $SUPER tokens in return. These tokens were reportedly sold for around 1,900 ETH, equivalent to approximately $3.7 million at the time. Additional earnings from vested tokens brought MrBeast’s total earnings from $SUPER to an estimated $9 million.
Similar patterns were observed with other tokens, with substantial profits allegedly made from investments in $PMON, $SHOPX, and $STAK tokens. However, many of these projects have since experienced significant devaluations, with some tokens losing over 90% of their peak values. Some projects have even undergone rebranding or pivoting strategies due to major losses.
SomaXBT emphasized the potential regulatory implications of such activities in more traditional markets like the stock market, suggesting that similar actions would likely attract regulatory scrutiny. The investigator also pointed out MrBeast’s previous involvement in non-fungible tokens (NFTs) and his public support for figures like Gary Vee in the crypto space.
Despite attempts to reach out to MrBeast for comment, Crypto.news has not received a response. The investigation into MrBeast’s crypto activities sheds light on the importance of transparency and ethical behavior within the cryptocurrency industry, especially concerning the influence of high-profile individuals on token values and investor decisions.