Popular YouTuber MrBeast Allegedly Involved in $23 Million Crypto Pump-and-Dump Scheme Aimed at Fans

A crypto analytics account on X/Twitter known as Lookonchain published allegations regarding popular YouTuber MrBeast and his involvement with various cryptocurrency tokens.

Popular YouTuber MrBeast, known for his elaborate stunts and philanthropy, has been linked to a $23 million crypto pump-and-dump scheme targeting his fans, according to a crypto analytics account on X/Twitter.

The account, known as Lookonchain, claims to have analyzed MrBeast's crypto transactions and found evidence of him trading several crypto tokens, which allegedly resulted in substantial profits.

As of now, these claims have not been independently verified, and no regulatory bodies have made any official statements regarding these allegations.

However, such actions raise questions about the ethics of influencer involvement in crypto and the potential risks posed to unsuspecting investors, especially given MrBeast's massive following on X.

According to Lookonchain's analysis, the transactions in question are valued at approximately $23 million and involve various crypto tokens, including:

Shiba Inu (SHIB)

Floki Inu (FLOKI)

Babydoge Coin (BABYDOGE)

Safemoon (SAFEMOON)

These meme coins are known for their high volatility and frequent use in pump-and-dump schemes due to their susceptibility to manipulation.

As per the analysis, MrBeast allegedly purchased large quantities of these tokens at low prices and then promoted them to his followers, causing the prices to surge.

He is then claimed to have sold his holdings at a higher price, generating substantial profits, while his followers, who bought the tokens at inflated prices, faced significant losses as the prices crashed following the promotions.

While these allegations have yet to be independently confirmed, they highlight the concerning practice of some influencers promoting cryptocurrencies to their followers without disclosing their own holdings or involvement in the projects being promoted.

Such actions can mislead investors and put them at risk of financial losses, especially in the volatile and largely unregulated crypto market.