MrBeast Accused of Making Millions Through Crypto Pump-and-Dump Scheme

MrBeast, a prominent crypto influencer with 31.2 million followers, has found himself in a weird dispute after allegedly discovered to have made millions

Crypto influencer MrBeast, boasting 31.2 million followers, has been embroiled in a curious dispute following allegations that he made millions through a crypto pump-and-dump scheme.

Prominent blockchain analytics platform Lookonchain took to X platform to reveal some noteworthy findings, indicating that MrBeast profited over $23 million by endorsing various low-cap tokens and subsequently selling them off.

A majority of these cryptocurrencies have since lost 90% of their value, while some have even rebranded after suffering massive losses.

In one specific instance, MrBeast reportedly invested a mere $100,000 in a project initially known as SuperFarmDAO (now SuperVerse) and utilized his influence to inflate the value of the project's token, SUPER.

Upon successfully driving up the token's price, MrBeast is alleged to have sold off his holdings, converting millions of dollars' worth of SUPER into ETH, ultimately profiting over $11.5 million.

MrBeast's involvement in other projects, including ERN (Ethernity Chain), PMON (Protocol Monsters), STAK (Jigstack) and AIOZ (AIOZ Network), followed a similar pattern, where he allegedly promoted and eventually sold off his assets, making another total profit of $8.7 million.

It remains unclear whether MrBeast's participation in these crypto projects was intentionally fabricated or if he was genuinely unaware of his involvement in what has been deemed a market manipulation scheme.

The accusations against MrBeast come amidst ongoing discussions within the crypto community regarding the detrimental impact of market manipulation activities on small tokens.

Many within the crypto sector express distress over such practices, which ultimately erode the value of crypto projects and may even tarnish the reputation of the entire industry.

In many cases, insiders and influencers generate hype around low-cap tokens, encouraging retail investors to buy into them before proceeding to sell off their own holdings.

Influencers engaging in pump-and-dump schemes often leverage social media platforms and employ sophisticated tactics to persuade unsuspecting investors to join the scheme.

In some instances, they have even impersonated prominent market analysts and renowned investment advisors to lure investors into the scheme.

Nicholas Otieno is a fintech writer specializing in cryptocurrency markets. Since 2019, he has written articles to educate readers about cryptocurrency and its substantial positive impact on global prosperity. Nicholas is a Bitcoin holder, believing firmly in its fundamentals.

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