MrBeast, one of YouTube’s top creators, has been accused of participating in cryptocurrency pump-and-dump schemes, allegedly making over $10 million from these activities.
The accusations were made by a blockchain investigator using the handle SomaXBT on the social media platform X.
According to SomaXBT, MrBeast “allegedly made $10M+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others.”
SomaXBT’s investigation claims that MrBeast invested $100,000 in a project called SuperFarmDAO and then used his influencer status to boost the project’s SUPER token before selling off his shares.
SomaXBT alleges that MrBeast converted millions of dollars’ worth of SUPER into Ether (ETH), profiting over $9 million by moving the funds through several wallets.
Cointelegraph reached out to MrBeast’s media team for comment but has not received a response at this time.
Additionally, SomaXBT accused MrBeast of similar activity with other projects, including Polychain Monsters, STAK, VPP, and SHOPX, suggesting that he promoted and later dumped assets from these ventures as well.
It remains unclear whether MrBeast intentionally or unintentionally misrepresented his involvement in these projects. None of the statements reviewed by Cointelegraph indicate that MrBeast committed to these projects for the long term.
This situation is part of a broader discussion within the cryptocurrency community about the harmful effects of pumping and dumping low-cap tokens. Many in the industry believe that these schemes undermine trust in cryptocurrency.
Messari data engineer Mike Kremer recently criticized such practices, stating they destroy value for both the projects involved and the broader crypto sector. He explained in an August newsletter, “Here, insiders or cartels create tokens like supercumrocket69, hype them up, and lure retail investors into bidding on these ‘revolutionary’ new assets.”
Blockchain investigator ZachXBT also recently called out crypto influencer Ansem for promoting low-cap tokens and allegedly facilitating pump-and-dump schemes.
