MrBeast and his YouTube influencer circle have come under scrutiny for allegedly profiting millions of dollars from questionable crypto deals, as revealed by a group of on-chain investigators.
With a massive following of 320 million YouTube subscribers, James Stephen “Jimmy” Donaldson, known as MrBeast, is a prominent figure in the world of social media. His platform has been utilized as a marketing channel for various crypto projects, some of which have raised concerns among industry experts.
According to findings from advisory firm Loock.io and blockchain analysts like SomaXBT, MrBeast is accused of engaging in insider trading and misleading investors for personal gain. The investigation suggests a pattern of leveraging his influence to promote tokens and then dumping them on the market, resulting in significant profits.
On-chain data analysis has revealed approximately 50 wallets associated with MrBeast, with some linked to his disclosed Ethereum address. This transparency allowed researchers to trace additional wallets within his network, further confirming his control over the flow of funds.
One of MrBeast’s most lucrative projects was SuperVerse, formerly known as SuperFarm, which conducted an initial coin offering (ICO) to raise funds. MrBeast and his network endorsed the project on various platforms, contributing to its success. Despite deleting some promotional posts, MrBeast still maintains a connection to SuperVerse.
The value of SuperVerse’s coin skyrocketed after listing, but early investors were reportedly faced with restrictions. However, MrBeast and his associates allegedly profited by selling tokens to supporters of the project. According to Loock, MrBeast’s initial $100,000 investment in SuperVerse yielded approximately $7.5 million, with the influencer and his network earning a total of $10 million from promoting controversial crypto projects.
The phenomenon of mainstream celebrities entering the web3 space has often resulted in failed ventures and ghost coins for retail users. This trend, known as the “celebrity grift” among crypto enthusiasts, has been particularly prevalent on the Solana blockchain, with many celebrity-backed projects quickly fading away after launch.
In June alone, popular figures launched 30 meme coins on Solana, with most projects failing to gain traction. As the crypto industry continues to evolve, it is crucial for investors to exercise caution and conduct thorough research before engaging with celebrity-endorsed projects.
