Popular YouTuber Jimmy Donaldson, also known as MrBeast, is being accused of making over $12.7 million by promoting and selling low-cap cryptocurrencies. The allegations suggest that MrBeast used a “pump and dump” strategy, inflating token prices before selling them for significant profits.
The tokens involved in the allegations include SuperFarm (SUPER), Polychain Monsters (PMON), SPLYT (SHOPX), Virtue Poker (VPP), and others. The investigation tracked MrBeast’s wallet address using the Arkham Intelligence tool, revealing that he invested small amounts in private sales like Initial DEX Offerings (IDOs) and sold the tokens at peak prices.
1/ An investigation into @MrBeast ,how he allegedly made $10M+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others. Many of these projects are now down over 90%, with some rebranding after major losses.
let’s dive in. 🧵 pic.twitter.com/NR9dq9ZnD2
— SomaXBT (@somaxbt) October 11, 2024
One notable instance was MrBeast’s $100,000 investment in SuperFarm (now SuperVerse), which increased in value after his public endorsement. He later sold his holdings for around $3.7 million in Ethereum. Allegedly, MrBeast earned over $9 million in profits from SuperFarm through additional token sales.
3/ Here’s the proof he invested only $100k in SuperFarmDAO. In a screenshot from @elliotrades live stream, he accidentally revealed a DM conversation with MrBeast about the $100k investment. Later, this matched with MrBeast’s wallet activity, where he sent $100k to a new wallet.… pic.twitter.com/yxfW0aZcuJ
— SomaXBT (@somaxbt) October 11, 2024
Similar patterns were observed with other tokens, such as Polychain Monsters, where MrBeast reportedly turned a $25,000 investment into $1.7 million. Overall, the investigation claims that he earned over $12 million in 2021 alone from five low-cap crypto projects.
Although the findings have sparked significant debate, the accuracy of the wallet tracking and MrBeast’s involvement in these activities remains unconfirmed. These accusations emphasize concerns about market manipulation by influencers in the volatile crypto space, but no formal investigation or legal action has been reported yet.
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