MrBeast’s $23M crypto insider scam allegations

A group of on-chain sleuths claims that MrBeast, aka Jimmy Donaldson, earned millions from several questionable crypto promotions. The investigation reveals a complex network of alleged crypto activities tied to the YouTube sensation. It has sparked questions about his crypto dealings and influence on investors.

With 320 million subscribers, MrBeast’s platform has been a launchpad for some controversial projects. The recent allegations suggest a series of controversies, from faked videos and illegal lotteries to questionable employee histories.

MrBeast’s $23M crypto controversy

The report mentions that  MrBeast’s involvement in crypto has come under fire with some other YouTubers like  Rosana Pansino and DogPacks404. Advisory firm Loock.io and analysts like SomaXBT accuse MrBeast of making around $10 million via insider trading in low-cap tokens. 

The investigating team claims to be conducting a detailed analysis and uncovered connections to over 50 crypto wallets linked to the famous YouTuber. It suggests a history of misleading investors by using his influence to promote tokens apart from insider trading. He pumped the tokens only to later dump them on the market. 

The report proposes that MrBeast made more than $23 million from multiple crypto projects. It includes booking profits of $11.45 million from SUPER, $4.65 million from ERN token, $1.72 million from PMON, $1.31 million from STAK, $1 million from AIOZ, and others.

It asserted that the digital creator received a huge batch of tokens from the ERN pre-sale. He accumulated some more of its supply later and later transferred around half of his tokens to the wallet address 0x2eB7. However, he moved the remaining supply to 0x9b00.

These two wallets moved ahead to dump their supply shortly after and made a combined $1.83 million. MrBeast received his allocation of tokens and quickly sold his tokens on the market which made him a profit of $2.97 million. He still holds a smaller amount of tokens, which he collected several months later.

Youtuber made $7.5M from SuperVerse

Formerly SuperFarm, SuperVerse was reportedly a lucrative deal for MrBeast. The report claims he invested $100K, promoting the token to followers, then cashed out with $7.5 million. While many promotional posts have been deleted, MrBeast still follows SuperVerse on social media. This raises questions about transparency in influencer-led promotions.

Not just MrBeast but his network, including figures like KSI, allegedly profited by selling tokens to their followers after promotion, netting an estimated $10 million.

In the end, on-chain sleuths advised MrBeast to stop using Metamask swap, as it charges 0.87% fees and is a bit outdated. They recommended him to use Defillama swap, while most power users use Rabby wallet.