Mr Beast is one of the biggest Youtuber, has been accused of involvement in cryptocurrency pump-and-dump schemes, allegedly raking in over $10 million from these activities. The allegations were brought to light by blockchain investigator SomaXBT, who shared the claims on the X platform (formerly Twitter).
According to SomaXBT, MrBeast allegedly made these profits by investing in low-cap Initial DEX Offering (IDO) tokens and using his influence to promote them before selling off his shares at inflated prices. Some of the tokens linked to these accusations include those promoted by other well-known figures in the crypto space, such as Lark Davis, CryptoBanter, and KSI.
A specific example provided by SomaXBT involves the project SuperFarmDAO, where MrBeast reportedly invested $100,000. Using his status as an influencer, he allegedly helped drive up the price of the SUPER token, only to sell his holdings later, reportedly converting millions of dollars’ worth of the token into Ether and distributing it across multiple wallets. SomaXBT claims this maneuver earned MrBeast a profit of over $9 million.
The accusations don’t end with SuperFarmDAO. MrBeast has also been linked to similar activity in other projects, including Polychain Monsters, STAK, VPP, and SHOPX.
The key concern in these allegations is whether MrBeast was fully aware of the consequences of his actions or if they were part of a broader pattern of misrepresentation. While it’s unclear if he intentionally misled his audience, the accusations have sparked debate within the cryptocurrency community about the negative impact of pump-and-dump schemes. Critics argue that these practices harm both the projects involved and the crypto space as a whole, leading to lost value and damaged trust.
Industry voices, such as data engineer Mike Kremer, have expressed concern, highlighting that such tactics contribute to the instability of the market and deter potential long-term investors.
