- MrBeast has been accused of pumping and dumping cryptocurrency.
- The investigation revealed that there were over 50 cryptocurrency wallets associated with it.
- There is growing controversy over celebrity cryptocurrency promotions.
The cryptocurrency sector is increasingly attracting attention from celebrities and influencers. Figures like Caitlyn Jenner, Andrew Tate, and MrBeast are attracted to the high they get from promoting their projects to their followers. However, this practice has come under intense scrutiny.
Jimmy Donaldson, also known as MrBeast, has recently come under fire for his involvement in cryptocurrency. The biggest YouTuber with over 320 million followers is accused of profiting from a cryptocurrency pump-and-dump scheme. New evidence recently emerged showing a pattern of token dumps in his case.
New Details About MrBeast’s Cryptocurrency Scandal
MrBeast is once again in the spotlight for alleged cryptocurrency pumps and dumps. On October 29, cryptocurrency analysts published the results of an investigation that uncovered new evidence in his case. The investigation revealed more than 50 wallets believed to be linked to MrBeast and showed a pattern of pump-and-dump schemes.
A pump and dump scheme involves promoting hapless investors who have purchased assets to dump those assets. Investigators suggest MrBeast’s wallet followed that pattern and profited at the expense of his followers.
One example is the wallet where MrBeast is said to have purchased most of his tokens. This includes SuperFarm (SUPER), a MrBeast token widely promoted to its followers. The wallet received 1 million SUPER tokens in February 2021. MrBeast reportedly made a profit of $9 million after dumping his tokens.
MrBeast Processed Over $13 Million in Transactions on Binance Wallet
Investigations revealed similar patterns in other tokens, including PolyChain Monster (PMON) and Eternity Chain (ERN). According to investigators, this shows a pattern of pumping and dumping relatively unknown tokens that allowed MrBeast to profit from his followers.
What’s noteworthy is that MrBeast’s Binance account alone processed over $13 million worth of transactions. MrBeast has also used the Gemini exchange extensively. These findings suggest that MrBeast may have controlled more than 50 wallets.
The exact size of MrBeast’s profit and the size of other investors’ losses are not yet clear. Many of MrBeast’s wallets were used for various purposes, some for selling and some for storing and farming tokens. Previous investigations have shown that he made at least $10 million from this practice.
On the flipside
- So far, U.S. authorities have taken slow steps in regulating influential cryptocurrency promotions.
- Cryptocurrency researcher Coffeezilla has discovered cryptocurrency pumps and dumps from many other influential people. These include: Andrew Tate’s Project, Logan Paul’s CryptoZooAnd more.
Why This Matters
MrBeast’s case highlights the risks retail investors face when following celebrity endorsements. Traders should be aware that influencers may have ulterior motives when promoting cryptocurrency projects.
Learn more about MrBeast’s Pumps and Dumps.
MrBeast accused of making $10 million through cryptocurrency pump and dump
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