MrBeast, one of the most popular YouTubers from the United States, has recently been accused of participating in a pump-and-dump scheme involving cryptocurrency. This scheme reportedly netted him profits of up to $13 million, equivalent to Rp202 billion.
In a post on X (formerly Twitter) on October 11, blockchain investigator SomaXBT revealed that MrBeast made as much as $13 million from his support of small-cap crypto tokens in Initial DEX Offerings (IDOs). These tokens were promoted by several prominent influencers, including Lark Davis, Crypto Banter, and KSI. The investigation is based on a digital wallet linked to MrBeast through the Arkham Intelligence platform.
For context, a crypto pump and dump is a market manipulation tactic where the perpetrator acquires or creates a large number of tokens, promotes them to inflate (pump) the token’s price, and then cashes out by selling (dumping) the tokens to unsuspecting investors. “Many of these projects have since lost more than 90% of their value, with some even rebranding after massive losses,” SomaXBT explained.
Profiting from Pump and Dump Schemes
SomaXBT’s investigation uncovered that MrBeast earned over $9 million from his involvement with the SUPER token from SuperFarmDAO.
MrBeast initially invested $100,000 in the project in 2021 and continued to endorse it, which helped drive up the value of the SUPER token. Once its value had risen, he allegedly sold all his tokens, causing a significant drop in the price of SUPER. The project has since rebranded as SuperVerse.
In another case, MrBeast is alleged to have invested $25,000 in an Ethereum-based memecoin called Polkamon (PMON) and received 25,000 PMON tokens that same year. Just hours later, MrBeast’s wallet recorded selling all the tokens, earning him nearly $1.3 million.
The Polkamon case was previously highlighted by on-chain investigator ZachXBT, who stated that the project was designed to benefit large investors and insiders, while retail traders were left with devalued assets. ZachXBT also described Polkamon as a crypto project with suspicious activity.
Furthermore, SomaXBT pointed to similar patterns involving MrBeast promoting and selling assets from several other projects, including Polychain Monsters, STAK, VPP, and SHOPX. He is also reported to have invested in XCAD and AIOZ tokens, which each earned him millions of dollars. Both projects are still active and working on developing new products.
As a result of these actions, SomaXBT noted that many of these projects have experienced massive devaluations, with some plummeting more than 90% from their peak prices. SomaXBT compared this situation to the more regulated stock market, suggesting that such activities in a regulated market would likely attract attention from regulators.
“In addition to this, MrBeast has also shown his support for NFTs. He openly promoted Gary Vee’s VeeFriends on Twitter and spent $1.25 million on them. He has also been actively trading various NFTs,” SomaXBT concluded.
So far, MrBeast and his team have not provided any clarification regarding these allegations.
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