MrBeast, a YouTube entertainer with more than 320 million followers, has come under intense scrutiny following an on-chain investigation suggesting he may have made millions of dollars in low-cap cryptocurrencies. I am.
According to an anonymous crypto sleuth known as SomaXBT, MrBeast (real name Jimmy Donaldson) has raised $10 million by backing Initial DEX Offerings (IDO) of projects such as Polychain Monsters (PMON) and Virtue Poker (VPP). I was earning more than that.
SomXBT says this is an ethical red flag and amounts to a pump-and-dump scheme. By promoting a token to millions of followers and only selling it after its value has skyrocketed, ordinary investors end up losing money.
“This is a shady thing they have been doing in the crypto market,” SomXBT said, referring to the social media influencer at X. “[If] If they did this in the stock market, the SEC would come after them. ”
SomaXBT uses and tracks on-chain data to increase transparency and hold the cryptocurrency community accountable. His efforts are evident in his October 11th post, which highlights the risks of influencer-backed token promotions.
Relationship between MrBeast and SUPER
According to our research, Donaldson's involvement spans several projects, including SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP).
This analysis is based on the activity of the wallet labeled 'Mr. Beast of Arkham Intelligence.”
One of the most important engagements is said to be the $SUPER token by SuperFarmDAO. SomaXBT claims that Donaldson invested $100,000 and subsequently received $1 million in $SUPER tokens.
The study claims that these tokens were later sold for around 1,900 ETH (worth around $3.7 million at the time).
With additional vesting tokens, the YouTube star reportedly earned an additional $5.5 million. This allegedly brought his total income from $SUPER to around $9 million.
Similar patterns were observed for other tokens. SomaXBT says that in the case of $PMON, a $25,000 investment yielded a profit of $1.7 million.
The $SHOPX token reportedly generated $765,000 from an initial $25,000 investment. The study also noted that there was $1.25 million in revenue from $STAK tokens.
SomaXBT notes that many of these projects have since faced significant valuation declines, with some projects having fallen more than 90% from their peak prices. Some projects have rebranded or pivoted after suffering significant losses.
SomaXBT has similarities to regulated markets, suggesting that such activity in the stock market is likely to attract the attention of regulators.
SomaXBT also reminded the community about MrBeast’s previous support for non-fungible tokens (NFTs). A screenshot of the tweet shows Donaldson mentioning Gary Vee and openly stating that he has interactions with Vee's friends.
Crypto.news sent MrBeast an email requesting an interview, but did not receive a response.
