YouTube Star MrBeast Accused of Earning Millions from Low-Cap Crypto

On-Chain Investigation Raises Red Flags

An anonymous crypto investigator, known as SomaXBT, has raised concerns about YouTube personality MrBeast’s involvement in the crypto market. The investigation suggests that MrBeast may have earned over $10 million from backing Initial DEX Offerings (IDOs) for projects like Polychain Monsters (PMON) and Virtue Poker (VPP).

Potential Ethical Issue in Token Promotion

SomaXBT equates MrBeast’s actions to a pump-and-dump scheme, as promoting tokens to millions of followers and selling them after a surge in value can lead to losses for regular investors. The use of on-chain data is highlighted as a tool for increasing transparency in the crypto community.

MrBeast’s Alleged Involvement in Various Projects

The investigation points to MrBeast’s involvement in projects such as SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP) based on wallet activity identified as ‘Mr. Beast’ on Arkham Intelligence.

Alleged Profits and Devaluations

MrBeast is claimed to have earned substantial profits from investments in tokens like $SUPER, $PMON, $SHOPX, and $STAK. However, many of these projects have reportedly faced major devaluations, with some down over 90% from peak prices. The investigation draws parallels to the regulated stock market, suggesting that such activities would likely attract regulatory attention.

Reminder of Previous NFT Support

SomaXBT also points out MrBeast’s earlier support for non-fungible tokens (NFTs), highlighting a tweet where MrBeast mentioned Gary Vee and his investment in Vee’s NFTs.

Crypto.news reached out to MrBeast for comment but has not received a response.