MrBeast Under Fire for Making Over $10M in Crypto Pump & Dump

MrBeast, one of YouTube's biggest creators, has been accused of making over $10 million through alleged cryptocurrency pump-and-dump schemes, according to new on-chain analysis.

The investigation, led by blockchain investigator SomaXBT, suggests on X (formerly known as Twitter), that MrBeast, real name Jimmy Donaldson, cashed in on several token launches that were later dumped for significant profits.

Blockchain analytics firm Arkham Intelligence traced the main wallet linked to MrBeast, which he previously acknowledged using for NFT purchases, reportedly participated in token sales of controversial crypto projects, only to sell off shortly after.

SomaXBT revealed that MrBeast's involvement with low-cap crypto tokens, promoted by influencers like Lark Davis, KSI, and CryptoBanter, potentially turned a $250,000 investment into millions, mostly during 2021.

These allegations, though not necessarily illegal, have raised ethical concerns about his role in these transactions.

Details of MrBeast's Alleged Pump & Dump

SomaXBT's investigation alleges that a wallet linked to MrBeast profited significantly from cryptocurrency projects like SuperVerse (SUPER), which the YouTuber publicly endorsed in 2021.

The wallet reportedly purchased one million SUPER tokens for $100,000 USDC, only to sell them at the token's peak value a month later.

MrBeast is accused of using his influence to inflate SUPER's value before cashing out, turning millions of dollars' worth of SUPER into Ether, ultimately making over $9 million.

Shortly after, SUPER's value plummeted by more than 90%.

A similar pattern was seen with Polkamon (PMON), where a $25,000 investment in 25,000 PMON tokens was quickly sold for a profit of $1.3 million.

According to on-chain investigator ZachXBT, Polkamon had been previously flagged for benefiting insiders at the expense of retail traders.

SomaXBT also identified alleged pump-and-dump activity by MrBeast with other projects like Polychain Monsters, STAK, VPP, and SHOPX.

Is MrBeast a Knowing Mastermind or an Unknowing Victim?

It remains unclear whether MrBeast knowingly or unintentionally misrepresented his involvement with these crypto projects, as none of his statements suggest a long-term commitment to them.

While the controversial transactions are tied to a wallet MrBeast has publicly acknowledged using, it is uncertain if he personally executed the trades.

Conor Grogan, Coinbase's head of product, has previously analysed the activity of this wallet but has been cautious in drawing definitive conclusions from the on-chain data.

He speculated:

“There is always a chance that a friend or producer or someone completely unrelated were behind those accounts. It's too hard to tell. So I generally don't like accusing people without firm evidence.”

Whether MrBeast is a willing participant or an unwitting victim, he and his team have yet to release an official statement on the matter.