YouTube Sensation MrBeast Accused of “Promote-and-Dump” Cryptocurrency Schemes That Allegedly Netted Him Over $10 Million

The accusations were made by a blockchain investigator using the handle SomaXBT on the social media platform X.

YouTube star MrBeast, known for his elaborate stunts and giveaways, has been accused of engaging in “promote-and-dump” cryptocurrency schemes that allegedly netted him over $10 million.

The accusations were made by a blockchain investigator known as SomaXBT on the social media platform X. According to SomaXBT's investigation, MrBeast invested $100,000 in a project called SuperFarmDAO and used his influence to inflate the value of the project's related token, called SUPER.

After promoting the token, MrBeast allegedly sold off his holdings, converting millions of dollars' worth of SUPER into Ether. The investigation claims that MrBeast ultimately profited more than $9 million from this alleged scheme.

SomaXBT further accused MrBeast of engaging in similar activities with other projects, including Polychain Monsters, STAK, VPP, and SHOPX, where he allegedly promoted and then sold off his assets for a profit.

It is unclear whether MrBeast knowingly misrepresented his involvement in these projects or was unintentionally involved in what has been labeled as pump-and-dump activity. Cointelegraph reached out to MrBeast's media team for comment but did not receive an immediate response.

The allegations against MrBeast come amidst broader discussions in the cryptocurrency community regarding the harmful impact of pump-and-dump schemes on low-cap tokens.

Many in the industry are concerned that such actions erode value both for individual projects and the broader cryptocurrency sector. Insiders and influencers often hype up small tokens, encouraging retail investors to buy in before selling off for their own gain.

Blockchain sleuth ZachXBT has also called out other influencers for similar behavior, recently accusing trader Ansem of facilitating pump-and-dump schemes with memecoins.

The perpetrators of so-called “ramp and dump scams” now focus on social media channels and employ increasingly sophisticated tactics to persuade victims to join. In some cases, they have impersonated famous investment advisors and popular market commentators to draw victims into the scheme.