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In a surprising twist, YouTube’s philanthropic sensation Jimmy Donaldson, globally known as MrBeast, now finds himself at the center of a crypto scandal. Blockchain analysts suggest that MrBeast may have executed multiple pump-and-dump schemes, allegedly profiting from his influence to the tune of over $23 million.
MrBeast Allegedly Played the Crypto Market
Reports from blockchain analysis groups like Lookonchain and Loock alleged that Mr Beast’s dealings might be more than just crypto investments. The reports claimed that he endorsed select tokens, sparked price hikes, and sold off his holdings at peak times.
This approach, often called pump-and-dump, has left many of his followers with tokens that later dropped in value. One of the most significant allegations involves MrBeast’s interactions with SuperFarm Tokens (SUPER). Analysts claimed he received a million SUPER tokens, likely as a promotional boost.
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Shortly after, he allegedly sold these tokens, earning $9 million. This rapid promotion-and-sale cycle suggests a calculated approach. The transaction timeline suggests he may have strategically coordinated promotions to maximize profits.
This news sheds light on the ongoing risks in the crypto industry, revealing how easily bad actors can exploit the market. With tactics like pump-and-dump schemes, these individuals manipulate prices, often leaving unsuspecting investors at a loss.
Over 50 Wallets Traced to MrBeast
Investigators tracked MrBeast’s activity across more than 50 crypto wallets. These wallets, linked to exchanges like Gemini and Binance, reveal high-stakes trades and strategic selling points, often at the peak of token promotions.
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The blockchain traces revealed that the transactions conducted on these wallets yielded $23 million in profits. One particularly striking transaction involved the sale of over $13 million worth of digital assets from a Binance account.
The report revealed that SuperFarm is not the only crypto in the spotlight. Investigators also flagged MrBeast’s dealings with Ethernity Chain and Polychain Monsters. Both tokens saw similar promotional spikes followed by swift sell-offs, leaving many of his followers with substantial losses.
These transactions closely mirror the patterns seen with SUPER, raising serious concerns over his influence in the crypto market.
Where Does This Leave MrBeast and His Followers?
MrBeast has not responded to the allegations, but this controversy raises bigger questions about influencer responsibility in crypto. With his huge following and trusted name, his actions could affect both his reputation and his fans’ trust.
This situation reminds crypto investors to be cautious with influencer-backed projects, as even well-known names may have hidden motives. In a time when influencers can make or break token prices, this case highlights the importance of transparency, ethical responsibility, and the risks of the rapidly growing crypto world.
