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Another day, another crypto investigation. This time, all eyes are on everyone's favourite YouTuber, MrBeast. With over 320 million subscribers, MrBeast has conquered the video and social media scene.
Always looking to expand beyond his horizon, he ventured into the F&B industry with MrBeast Burgers and Feastables chocolate bars. But this wasn't enough. Trying his hand at degenning, MrBeast jumped onto the crypto craze, which has now landed him in a slew of controversy.
In a report on loock.io, several online sleuths dug into MrBeast's crypto activities, uncovering several alleged pump and dump schemes that could have earned him millions in profits at the expense of his followers and fan base.
Over 50 wallets with transactions allegedly tied to MrBeast revealed gains through token promotion and selling. SuperVerse, ERN, and AIOZ were all allegedly sold at peak prices by MrBeast after receiving them early or at discounted rates. The SuperVerse, which MrBeast endorsed, allegedly earned MrBeast $7.5 million from his initial $100,000 investment.
Transactions on Binance and Gemini supposedly support these findings while additional wallets "BobbieDigital" and "0x4f7" carried out similar trading behaviours - both of which are linked to MrBeast.
NFT project Refinable was specifically highlighted by the report as a crypto project that benefited greatly from MrBeast's support. Not only did MrBeast's follow of the project on X boost its visibility, but his brand was even used on the Refinable website to promote the project's token, FINE.
On April 27 and May 23, 2021, MrBeast's wallet (0x9e67D018488aD636B538e4158E9e7577F2ECac12) received a total of 267,917 FINE tokens, ($610,000 at the time). On-chain data indicates MrBeast sold these holdings post-launch, netting nearly $193,926 in profit. Reaching an all-time high price of $4, FINE soon plunged to under $0.002.
MrBeast's wallet sold FINE holdings around the peaks
Critics claim that sizable profits from projects such as SHOPX, XCAD, Jigstak (STAK) were facilitated by insider trading. Both SHOPX and XCAD were powered by influencer-fueled marketing, with MrBeast and KSI’s promotion often coinciding with token price increases.
MrBeast's on-chain wallet activity allegedly shows him selling near price peaks after promotional boosts from influencers.
9/ $SHOPX by SPLYT (Now @shopxlabs)
— SomaXBT (@somaxbt) October 11, 2024
SPLYT is another project where MrBeast invested $25k USDT. He made $765k by selling his SPLYT token allocation and is still holding 177k SHOPX tokens. In this project, he shared the spotlight with KSI and Lark Davis. pic.twitter.com/hrOyYmsaBo
Here’s a simplified breakdown of the MrBeast's activity across such projects as per the report:
SHOPX
MrBeast received 607k SHOPX tokens on March 31, 2021, transferred them to a side wallet, and gradually sold half of his holdings, profiting $493,730. In total, his SHOPX transactions yielded $509,817 in profit from his $25k investment.
XCAD
Known figures like JMX (involved in a previous crypto scam) and influencers KSI and MrBeast promoted XCAD. MrBeast's on-chain activity shows him receiving and distributing tokens through various wallets, ultimately profiting around $287,801 by selling his holdings.
Jigstack (STAK)
MrBeast received and sold STAK tokens across various wallets, netting a total profit of $1,310,753.
Polychain Monsters (PMON)
MrBeast received allocations of PMON, transferred them to wallets, and incrementally sold his holdings across multiple transactions, netting a profit of approximately $1,724,652.
Boson Protocol (BOSON)
MrBeast’s BOSON tokens were distributed across wallets, with total profits reaching $614,664. The BOSON token price has since significantly declined.
Standard Protocol (STND)
MrBeast’s STND tokens were quickly sold, netting $131,242.10 in profit. The token has since plummeted in value.
Ally Direct (DRCT)
MrBeast received DRCT tokens, which he sold for a total profit of $206,621.17.
Ternoa (CAPS)
MrBeast regularly received CAPS tokens, profiting $681,676.44 by selling his holdings at peak prices.
Metis (METIS)
Through multiple token allocations and wallet transfers, MrBeast made a total profit of $659,043.42.
Blockhead
While there is no crime in raking in absurd profits from crypto - it's why we're all in it, let's be honest - it's beyond questionable to use your influence to power the token's price before dumping it and triggering market-wide losses for your followers. MrBeast is yet to respond to the allegations.
