MrBeast Accused of Making $10M+ by Backing Low-Cap IDO Crypto Tokens Promoted by Influencers

Crypto researcher SomaXBT delved into the wallet's activities, revealing that the wallet, identified by leading blockchain analytics firm Arkham Intelligence as linked to MrBeast, allegedly "made $10M+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others."

Crypto researcher SomaXBT has delved into the activities of a wallet identified by leading blockchain analytics firm Arkham Intelligence as linked to MrBeast, revealing that the wallet allegedly "made $10M+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others."

SomaXBT further noted that many of the projects the wallet is associated with "are now down over 90%, with some rebranding after major losses."

1/ An investigation into @MrBeast ,how he allegedly made $10M+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others. Many of these projects are now down over 90%, with some rebranding after major losses.let's dive in.

According to the investigation, MrBeast, who has 320 million YouTube subscribers, made more than $9 million from his $100,000 investment into the SUPER token and by supporting the SuperFarm project.

The said token was launched by the SuperFarm DAO, which has since rebranded into SuperVerse. SomaXBT published "proof" that the YouTube personality invested only $100,000 in SuperFarm DAO.

Crypto influencer EllioTrades accidentally revealed a conversation with MrBeast about the said investment, which matched with the MrBeast wallet activity, as per on-chain data.

In March 2021, the MrBeast wallet "all [of a] sudden" moved 1 million SUPER tokens to a new wallet and in the next 24 hours since the transfer, the tokens were dumped across 751 trades. The trades made 1,900 Ethereum (ETH), and the ETH was moved back to the main MrBeast wallet.

Another token that the MrBeast wallet purportedly invested into is PMON, which was created by Polychain Monsters. He supposedly invested just $25,000 into the token but made $1.7 million from the said investment.

Prominent crypto sleuth ZachXBT referred to the PMON project as "one of the largest marketing failures [in] this bull run," as its "chart exemplified suspicious activity."

3/ After the Scott Melker incident someone close to the team at Moonrock & Blockfyre messaged me about the firm and all that went on. Let’s dive into two of the projects ($POLK & $PMON) incubated by Moon Rock Capital a bit deeper to see if they did set the “standard”.

Basically, the MrBeast wallet dumped the PMON and made over 600 ETH from the 485 trades. In total, the wallet made over $1.6 million from the PMON token dump.

Another project MrBeast supposedly got himself involved in is SHOPX by SPLYT, which has since rebranded to ShopXLabs. In the said project, MrBeast purportedly "shared the spotlight" with KSI, another YouTube influencer, and Davis, a well-followed crypto influencer.

From his investment of $25,000, MrBeast allegedly made a total of $765,000 by trading the SHOPX tokens to ETH.

SomaXBT also mentioned several other tokens where the MrBeast wallet allegedly engaged in "pump and dump," wherein investors promote the crypto token only to sell them in the end for profit.

MrBeast's Problems Pile Up

News of MrBeast's supposed involvement in pump and dump projects came just weeks after Donaldson was named in a lawsuit alleging that some participants in his $5 million jackpot game show were subjected to unfair treatment and even sexual harassment.

Donaldson's companies and Amazon were accused of "shamelessly" exploiting the game contestants of the Beast Games, billed as the world's largest live game show.

In July, Ava Kris Tyson, one of Donaldson's long-time friends and YouTube co-hosts, left the company following allegations that she groomed a minor. Tyson has denied the claims and apologized for his past behavior that could have offended others.

MrBeast said he will allow independent investigators to look into the allegations against Tyson, saying he was "disgusted and opposed to such unacceptable acts.