Researcher Accuses MrBeast of Promoting Scam Tokens and Earning Over $10 Million: Full Details of the Case
Recent investigations in the cryptocurrency world have sparked serious accusations against popular YouTube blogger MrBeast. Anonymous on-chain data analyst, known as SomaXBT, claims that MrBeast earned over $10 million by investing in low-cap tokens and subsequently promoting them. These accusations have garnered significant attention within the crypto community and beyond.
The Story of Token Promotion and Collapse
SomaXBT stated that MrBeast actively invested in low-cap tokens, many of which later lost over 90% of their value or underwent rebranding. This analysis was based on wallet data tagged on the Arkham platform, which is allegedly linked to MrBeast. In addition, the analyst pointed to MrBeast’s social media activity as further evidence to support the theory.
One of the most notable examples highlighted by SomaXBT involved the token SUPER and the SuperFarm project. MrBeast reportedly earned over $9 million by purchasing the token and supporting the project. SomaXBT backed up this claim with a screenshot from a crypto livestream by EllioTrades, where a conversation with MrBeast was accidentally shown. The chat mentioned an investment of $100,000.
Tracing MrBeast's Wallet Activity
A crucial part of the investigation involved the activity of a wallet that is allegedly owned by MrBeast. According to SomaXBT, on February 21, 2021, the YouTuber received 100,000 USDC on his wallet from Binance US. Just a few minutes later, the stablecoins were transferred to a new address, and the next day, 1 million SUPER tokens were sent to that same wallet.
Following this, MrBeast "demonstrated his support" for the project by leaving an eye emoji under one of the now-deleted tweets, attracting more attention to his involvement. On March 30, 2021, he transferred 1 million SUPER tokens to a new wallet and within a day exchanged them for 1,900 ETH. The next day, the Ethereum, valued at $3.7 million, was moved to another wallet allegedly owned by MrBeast and then transferred to Binance US.
Token Sales and MrBeast's Earnings
Between May 8 and October 22, 2021, MrBeast allegedly received additional SUPER tokens from a vesting contract and sold them on the open market, earning an additional $5.5 million. This cycle of investments and subsequent sales has caused discontent among retail investors who suffered significant losses as the token prices plummeted after MrBeast exited his position.
Other Suspicious Projects
In addition to SuperFarm, SomaXBT mentioned several other projects in which MrBeast reportedly invested:
- PMON — invested $25,000, earned $1.7 million.
- SHOPX — invested $25,000, earned $765,000.
- STAK — invested $250,000, earned $1.25 million.
These examples illustrate how MrBeast's significant profits were linked to short-term investments in low-cap projects, raising suspicions of price manipulation and potential involvement in pump-and-dump schemes.
Impact on the Crypto Community
MrBeast's activity in the cryptocurrency market did not go unnoticed, particularly as the price of SUPER dropped by 75%, and the other tokens lost more than 90% of their value. This situation bears resemblance to the recent criticism of another crypto influencer, Sion Thomas (Ansem), who was accused of participating in pump-and-dump schemes with meme coins. These accusations highlight the importance of caution for retail investors, who can be negatively impacted when following large influencers that may not always act in their best interest.
Beyond cryptocurrencies, MrBeast has also shown his support for NFT projects like VeeFriends. However, this did not shield the YouTuber from criticism over his alleged activities in the token market.
Conclusion
The story of MrBeast, questionable crypto investments, and significant losses for retail investors serves as yet another reminder of the need for transparency in the world of digital assets. While analysts like SomaXBT continue to expose suspicious schemes, final conclusions regarding MrBeast's involvement will only be made after a more thorough investigation.
Investors should always remain vigilant and not rely solely on the opinions of major influencers, whose interests may not align with their own financial goals.
