- MrBeast accused of crypto pump and dumps.
- Investigation reveals over 50 crypto wallets tied to him.
- Celebrity crypto promotions are increasingly controversial.
The crypto sector is increasingly getting the attention of celebrities and influencers. Figures like Caitlyn Jenner, Andrew Tate, and MrBeast are attracted to the high they get from promoting projects to their followers. This practice, however, has come under intense scrutiny.
Jimmy Donaldson aka MrBeast, recently came under fire over his involvement in crypto. As the largest YouTuber with over 320 million followers, he is accused of profiting from crypto pump-and-dump schemes. Recently, new evidence emerged in his case, showing a pattern of token dumps.
New Details in MrBeast’s Crypto Scandal
MrBeast is once again in the spotlight over his alleged crypto pump and dumps. On October 29, crypto analysts published an investigation uncovering new evidence in his case. The investigation revealed over 50 wallets allegedly tied to MrBeast, showing a pattern of pump-and-dump schemes.
A pump and dump scheme refers to promoting assets to dump them on the unlucky investors who bought them. Investigators suggest that MrBeast’s wallets followed that pattern, profiting at the expense of his followers.
One example is a wallet with which MrBeast allegedly bought most of its tokens. This includes SuperFarm (SUPER), a token MrBeast widely promoted to its followers. The wallet received 1 million SUPER tokens in February of 2021. After dumping the tokens, MrBeast reportedly got $9 million in profits.
MrBeast Binance Wallet Processed Over $13M in Transactions
The investigation reveals similar patterns in other tokens, including Polychain Monsters (PMON) and Ethernity Chain (ERN). According to the investigators, this reveals a pattern of pumping and dumping relatively unknown tokens that enabled MrBeast to profit from his followers.
What is notable is that just MrBeast’s alleged Binance account processed over $13 million in transactions. MrBeast also used the Gemini exchange extensively. These findings suggest that MrBeast may have controlled more than 50 wallets.
The exact extent of MrBeast’s profits, and the losses for other investors, is not clear yet. Many of MrBeast’s wallets were used for different purposes, some for sales and others for holding and farming tokens. Earlier investigations suggested that he made at least $10 million from the practice.
On the Flipside
- So far, US authorities have been slow to act when it comes to regulating influencer crypto promotions.
- Crypto investigator Coffeezilla uncovered crypto pumps and dumps by many other influencers. This includes Andrew Tate’s projects, Logan Paul’s CryptoZoo, and more.
Why This Matters
MrBeast’s case highlights the risks that retail investors face when following celebrity endorsements. Traders have to be aware that influencers may have ulterior motives when promoting crypto projects.
Read more about MrBeast’s pump and dumps:
MrBeast Accused of Making $10M from Crypto Pump-and-Dumps
Read more about OKX’s investment in TON:
OKX Ventures Launches $10M Telegram Fund to Boost TON
