MrBeast Accused of Profiting $10M in Pump-and-Dump Schemes

Crypto News Exploits

MrBeast Accused of Profiting Millions in Crypto Pump-and-Dump Schemes

Written by Gode S.,

Web3 Market Analyst

Last Updated: October 15, 2024

Key Takeaways

MrBeast is accused of earning over $10 million by promoting and then dumping low-cap IDO tokens;
Many tokens linked to MrBeast's alleged activities have reportedly lost up to 90% of their value;
MrBeast's role in these projects remains unclear, but the crypto community is now questioning the ethics of influencer crypto endorsements.

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MrBeast Accused of Profiting Millions in Crypto Pump-and-Dump Schemes

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The most-subscribed YouTuber, MrBeast, has found himself at the center of controversy, with claims surfacing that he profited millions through alleged crypto pump-and-dump activities.

Crypto investigator SomaXBT shared some findings on X, suggesting that MrBeast made over $10 million by endorsing and later selling off various low-cap Initial DEX Offering (IDO) tokens promoted by fellow influencers such as Lark Davis, CryptoBanter, and KSI.

The investigator claims that many of these tokens have now lost 90% of their value, with some of them rebranding after massive losses.

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In particular, SomaXBT claims that MrBeast invested $100,000 in the SuperFarmDAO project. Using his influence, he allegedly helped boost the value of the project's SUPER SUPER $0.2651 token before selling his stake—he converted his SUPER holdings into Ether ETH $3,222.11 , routing the funds through multiple wallets and securing over $9 million in profit.

Beyond SuperFarmDAO, MrBeast is also accused of promoting and then selling off tokens from projects like Polychain Monsters PMON $0.00 , SHOPX SHOPX $0.00 , Jigstack DAO STAK $0.00 , and Virtue Poker VPP $0.0002 .

The full extent of MrBeast's involvement in these alleged pump-and-dump schemes remains unclear, but the accusations have sparked discussion within the crypto community, raising concerns about influencer-backed projects.

In other news, French soccer star Kylian Mbappé's X account was hacked this year and started promoting a fake memecoin inspired by him.