Popular YouTuber Jimmy Donaldson, better known as MrBeast, has been accused of profiting over $10 million from several low-cap cryptocurrency projects through alleged pump-and-dump schemes. The accusations stem from an on-chain investigation conducted by crypto sleuth SomaXBT.
The investigation highlights MrBeast’s involvement in various Initial DEX Offerings (IDOs) and token promotions, where he allegedly capitalized on price surges following his endorsements.
Alleged Projects and Profits
Among the projects mentioned are SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), and others. Some tokens reportedly lost over 90% of their value after MrBeast’s exit, which has led to claims of a “pump and dump” scheme.
According to the investigation, MrBeast participated in these projects through private deals, making significant profits by selling his tokens when public trading surged.
One of the largest alleged cases involves the SuperFarm ($SUPER) token, where MrBeast reportedly invested $100,000 and received 1 million $SUPER tokens. Following his investment, the token’s price surged, and by March 30, 2021, MrBeast allegedly transferred these tokens to a secondary wallet and sold them for 1,900 ETH (approximately $3.7 million at the time).
Additionally, it’s claimed MrBeast received more $SUPER tokens through a vesting contract, selling them for an additional $5.5 million, bringing his total earnings to around $9 million.
Other Projects Involved
MrBeast’s involvement with Polychain Monsters ($PMON) is also highlighted, where he allegedly invested $25,000, receiving 25,000 $PMON tokens. By March 31, 2021, his wallet reportedly transferred these tokens to another wallet, where they were sold for 685 ETH (around $1.3 million). In total, SomaXBT estimates MrBeast made around $1.7 million from $PMON.
Additional token projects include SPLYT ($SHOPX), where MrBeast reportedly invested $25,000 and made $765,000 after selling his allocation, as well as STAK, from which he allegedly made $1.25 million.
For Virtue Poker ($VPP), MrBeast is said to have participated in a virtual poker tournament, receiving 600,000 VPP tokens. He reportedly sold 200,000 of these tokens for a significant profit, still holding 400,000 tokens.
Ethical Concerns
The investigation raises concerns about the ethical implications of these actions, suggesting that MrBeast’s behavior mirrors typical pump-and-dump schemes. In such schemes, influencers promote low-cap tokens, driving up prices, only to sell their holdings at the peak, leaving retail investors with significant losses as prices crash.
Several tokens promoted by MrBeast have experienced substantial declines following his alleged sell-offs. For example, $SUPER is now down 75% from its peak, and other tokens like $PMON and $SHOPX have dropped by over 90%.
This case echoes similar instances in the crypto world, where influencers such as Andrew Tate, Iggy Azalea, and others were caught engaging in market manipulation earlier this year.
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