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Cryptocurrency News Articles
YouTube Creator MrBeast Accused of $10M Cryptocurrency Promote-and-Dump Schemes
Oct 15, 2024 at 02:05 am
MrBeast, one of YouTube’s most popular creators, has been accused of participating in cryptocurrency promote-and-dump schemes that have allegedly earned him more than $10 million.
YouTube star MrBeast has been accused of participating in cryptocurrency promote-and-dump schemes that allegedly earned him more than $10 million.
A blockchain investigator on the X social media platform known as SomaXBT has made these claims against MrBeast. According to SomaXBT, the YouTuber “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 used his status as an influencer to inflate the project's related SUPER token before dumping his shares.
This allegedly led to MrBeast exchanging millions of dollars’ worth of SUPER into Ether (ETH) and moving it throughout several wallets, ultimately profiting more than $9 million, according to SomaXBT.
MrBeast's media team was contacted by Cointelegraph for comment, but none was immediately received.
According to SomaXBT, MrBeast also engaged in similar activity by promoting and then dumping assets linked to the Polychain Monsters, STAK, VPP and SHOPX projects.
It is not clear at this time whether MrBeast willingly or unintentionally misrepresented his stance on the projects. None of the statements seen by Cointelegraph show MrBeast indicating a long-term commitment to any of them.
However, the alleged actions are part of a larger discussion taking place within the cryptocurrency community. As Cointelegraph recently reported, pumping and dumping low-cap tokens is a practice that many in the industry believe to be ultimately harmful to the community at large. And there has been no shortage of vitriol aimed at those who participate in such schemes.
Messari data engineer Mike Kremer, for instance, sounded off on the subject in an Aug. 19 newsletter, describing the activity as something that ultimately destroys value both for the project itself and the cryptocurrency sector in general.
“This activity is ultimately a net negative for the crypto ecosystem and the projects that choose to engage in it,” said Kremer.
Another popular investigator, blockchain sleuth ZachXBT, recently slammed crypto influencer and trader Ansem for allegedly promoting low-cap tokens and “facilitating a string of memecoin pump-and-dumps.”
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