Investigator claims MrBeast made $10M from crypto tokens through influencer-backed projects.
- MrBeast allegedly made more than $10M on crypto.
- SuperFarm allegedly netted him $9M.
- Projects quickly crashed after he sold off.
As long as influencers have been in crypto, there has been controversy over their involvement. Many, including figures like Logan Paul, Caitlyn Jenner, and Andrew Tate, made millions promoting dubious projects.
Most recently, allegations of making millions from potential pump-and-dump schemes hit the biggest YouTuber on Earth, Jimmy Donaldson, also known as MrBeast. These raise ethical concerns over celebrities’ money at the expense of their followers.
MrBeast’s Allegedly Makes $9 Million In Crypto Profits
MrBeast has recently faced scrutiny over his involvement in dubious crypto projects. On Friday, October 11, a crypto investigator, SomaXBT, looked on-chain to reveal MrBeast’s supposed involvement in several projects.
https://x.com/somaxbt/status/1844718089478324309
SomaXBT looked into a wallet labeled MrBeast by the blockchain analytics platform Arkam Intelligence. The firm uses sophisticated algorithms to label wallets based on publicly available data, transaction histories, etc.
According to SomaXBT, MrBeast made more than $10 million in profits from tokens like SuperFarm (SUPER), Polychain Monsters (PMON), and SPLYT (SHOPX). Notably, many of these projects crashed shortly after he allegedly sold them off.
How MrBeast Aggresive Sales Crashed Tokens
The biggest case involves SuperFarm, in which MrBeast invested $100,000 during its initial dex offering (IDO) in February 2021. Already in March, he sold off all its tokens, netting him approximately $3.7 million.
SomaXBT also alleges that MrBeast received additional tokens as part of its contract, making his total earnings around $9 million. The aggressive selling also crashed SuperFarm’s price, leaving smaller traders, many of whom were his followers, holding the bag.
Another case is Polychain Monsters, where MrBeast allegedly turned its $25,000 investment into a $1.7 million profit. In March 2021, he sold all of them off in just a few days, receiving $1.3 million. The aggressive sale also crashed Polychain Monsters by 90%.
A similar pattern happened with other projects, including SPLYT (SHOPX). After investing $25,000 USDT in March 2021, MrBeast allegedly sold in just a few weeks, making $765,000. These revelations raise questions about celebrity involvement in financial markets.
On the Flipside
- MrBeast is far from alone in facing backlash over his supposed involvement in crypto. Celebrities like Iggy Azalea and Andrew Tate have also faced accusations of market manipulation for their own crypto projects.
- Earlier, influencer Logan Paul sued Youtuber Coffezilla for allegations that his project CryptoZoo scammed investors.
Why This Matters
Many retail investors follow the endorsements of influencers and celebrities like MrBeast. These investors should be aware of the risks of the influencer dumping large amounts of the tokens on them.
Source: dailycoin.com
