The YouTube sensation is in flames after several on-chain investigators found clues linking the social media influencer to suspicious cryptocurrency promotions.
These latest allegations against the content creator, MrBeast, have re-opened the debate on whether promoters should be held accountable when crypto is promoted.
Gets $23 Million in Shady Deals
A team of online researchers recently analyzed the crypto activities of Jimmy Donaldson, popularly known as YouTuber sensation MrBeast.
They discovered that MrBeast may have received large sums of money through suspicious cryptocurrency promotions, allegedly making more than $23 million from these sensitive deals.
One of these questionable promotions is SUPER where YouTube with 320 million subscribers reportedly received $11.45 million in compensation.
An inquiry into @MrBeastcrypto operations and how he earned over $23M through numerous scams, black deals and his network
in collaboration with @hxnterson @angelfacepeanut @somaxbt @rfparson
— Kasper Vandeloock (@KasperLoock) October 30, 2024
Investigators accused the promoter of making $4.65 million in ERN coin, adding that the evidence also shows that he received profits from PMON for $1.72 million, STAK for $1.31 million, and AIOZ for $1 million.
MrBeast is Connected to 50 Crypto Wallets
According to Look.io, a detailed examination of MrBeast’s crypto activities revealed that more than 50 digital wallets are linked to the YouTuber, saying that one of the most convincing evidences that these crypto wallets are associated with the influencer is the “shared deposit address” .
The consulting firm added that evidence shows that MrBeast has been using his influence to mislead traders by promoting questionable tokens, revealing that his modus operandi is to pump tokens and later dump coins on the market.
In a separate investigation, SomaXBT reported that a popular YouTuber has earned more than $10 million from trading cheap cryptocurrency tokens while others have accused him of insider trading.
Reports also said that MrBeast got a lucrative contract with SuperVerse, formerly SuperFarm, where the promoter invested about $100,000 to promote the token, and subsequently earned about $7.5 million.
Making them Accountable
Allegations of a crypto scam against MrBeast have added fuel to the debate on how to hold influencers accountable. These incidents have sparked the so-called “YouTube investigators” where these investigators use their platform to expose the dirty cryptocurrency activities of other YouTube users.
Source: Arkham Intelligence
In addition, the country’s authorities are also intensifying their campaign against these crypto scammers. The US Department of Justice even created a National Cryptocurrency Enforcement Task Force in 2021 to manage concerns about cryptocurrency scams alike.
A previous report said that many on-chain investigators are against these token promoters because they are obvious scammers.
As of press time, MrBeast has not responded to these allegations, which have yet to be confirmed. However, these allegations bring discussions about the ethical standards of cryptocurrency promotion.
Featured image from Rolling Stone, chart from TradingView